Shares of Adani Power Ltd were in focus today as the Adani Group company announced the acquisition of 100% in two infra companies at an aggregate cost of Rs280.10 crore and Rs329.30 crore respectively, according to a regulatory filing.
According to the filing, the Company has signed a Share Purchase Agreement to acquire 100% of the equity shares of the two companies, viz. Support Properties Private Limited (“SPPL”) and Eternus Real Estate Private Limited (“EREPL”) from their respective shareholders.
Furthermore, the object of the acquisition is to set up infrastructure facilities and the transaction is expected to be completed in two weeks.
SPPL is integrated with objects to carry out business in infrastructure activities. It has not started its operation.
Apart from that, Eternus Real Estate Private Limited EREPL is incorporated with the object of carrying out business in infrastructure activities and it is also yet to start its operations.
At around 10:01 AM, Adani Power was trading at Rs289.35 apiece down by Rs1.85 or 0.64% from its previous close of Rs291.20 apiece on the BSE.