Adani Power shares jump for 2nd day as secured creditors okay scheme of amalgamation

Shares of Adani Power rose nearly two per cent in Thursday's trade after the company said the company's secured creditors approved a scheme of amalgamation. The stock rose 1.84 per cent to hit a high of Rs 338 on BSE. This was in addition to a 2.20 per cent rise in the previous session. With this, the scrip has rallied 229.32 per cent so far in 2022.

In a filing to BSE,  Adani Power said a meeting of secured creditors of Adani Power was held on Tuesday for considering the scheme of amalgamation of Adani Power Maharashtra, Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen, Raigarh Energy Generation and Adani Power (Mundra) with Adani Power.

"The proposed resolution approving the scheme was passed with requisite majority of secured creditors representing three-fourths in value of the secured creditors of the Company, as required by NCLT Order," Adani Power said.

Meanwhile, in another filing, Adani Power said it has extended the timeline to acquire DB Power till December-end. 

Adani Power said "parties to the proposed transaction have mutually agreed to further extend the long stop date as December 31, 2022, for achieving the closing/completion."

The company had in August announced acquisition of DB Power, which owns and operates a running 2X600 MW thermal power plant at District Jangir Champa in Chhattsgarh.

DB Power has long and medium term purchase agreements for 923.50 mw of its capacity, backed by fuel supply aggrements will Coal India. It has been operating its facilities profitably, Adani Power said in August.