Adani Power receives NCLT's approval for merger of six subsidiaries

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