Adani Ports and Special Economic Zone plunged 5.59 per cent to Rs 565.95
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Adani Power Receives NCLT's Approval For Merger Of Six Subsidiaries
As many as nine Adani Group firms were trading in the negative territory, while one company was trading in the green
Topics
NCLT | Adani Group | Adani Power
The National Company Law Tribunal (NCLT) on Thursday approved the merger of Adani Power Maharashtra, Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen, Raigarh Energy Generation, and Adani Power (Mundra) with Adani Power, a unit of the Adani Group.
"We would like to inform that the National Company Law Tribunal, Bench at Ahmedabad has sanctioned the Scheme of Amalgamation of Six Wholly Owned Subsidiary Companies of Adani Power Limited (“APL"). These companies are: Adani Power Maharashtra Limited; (ii) Adani Power Rajasthan Limited; (iii) Udupi Power Corporation Limited; (iv) Raipur Energen Limited; (v) Raigarh Energy Generation Limited; and (vi) Adani Power (Mundra) Limited with APL (the “Scheme") on February 8, 2023," Adani Power informed the stock exchange on Thursday.
Meanwhile, shares of most of the Adani group firms were trading in the negative territory in the morning trade on Thursday with flagship company Adani Enterprises witnessing a slump of 20 per cent.
As many as nine Adani Group firms were trading in the negative territory, while one company was trading in the green.
The stock of Adani Enterprises plummeted 20 per cent to Rs 1,834.90 apiece -- its lower price band on the BSE. The market capitalisation of the flagship company declined to Rs 2.38 lakh crore in initial trade.
Adani Ports and Special Economic Zone plunged 5.59 per cent to Rs 565.95.
With inputs from PTI
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Thu, February 09 2023. 18:44 IST
RECENT NEWS
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more