Torrent Power gains after shareholders approve merger of group firms

Shareholders of Torrent Power approved merger of Torrent Energy and Torrent Cables with itself

Shares of Torrent Power were up over 3% at Rs 151 after shareholders approved the proposed merger of two group companies with itself.

The shareholders of the company, at the court convened meeting held on April 30, 2015, approved the merger of Torrent Energy Ltd and Torrent Cables Ltd, the company said in a release after market hours on Wednesday.

The stock opened at Rs 148 and touched a high of Rs 153. At 12:10PM, over 386,000 shares were traded so far on both the stock exchanges.