Shares of Lanco Infratech and Adani Power gained as much as 5 per cent on Thursday following a mega deal for a power plant between the two companies.
Adani Power will acquire Lanco Infratech’s 1,200 MW Udupi thermal plant in a deal worth over Rs. 6,000 crore.
Lanco Infratech’s scrip rose by 4.92 per cent to Rs. 8.95 on the BSE. Similarly, shares of Adani Power gained 3.65 per cent to Rs. 53.95.
Making the announcement, Lanco Infratech said the deal is “is valued at more than Rs. 6,000 crore”. It includes a Rs. 4,000 crore debt component.
“This transaction will support the company in reducing its debt and will enable Lanco to receive about Rs. 2,000 crore as cash and additionally, Adani Power will take Udupi plant’s long-time debt of around Rs. 4,000 crore,” it had said in a statement on Wednesday.
