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Business News/ Markets / Stock Markets/  Adani Power receives NCLT nod for amalgamation of 6 subsidiaries with company
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Adani Power receives NCLT nod for amalgamation of 6 subsidiaries with company

The NCLT has sanctioned the scheme of amalgamation of six wholly-owned subsidiary companies of Adani Power Limited

Losses at Adani Power widened due to fuel shortages and under-utilization of power plants. Photo: Indranil Bhoumik/MintPremium
Losses at Adani Power widened due to fuel shortages and under-utilization of power plants. Photo: Indranil Bhoumik/Mint

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, an unit of the Adani Group.

According to a regulatory filing, the NCLT has sanctioned the scheme of amalgamation of six wholly-owned subsidiary companies of Adani Power Limited.

"We would like to inform that the Hon’ble National Company Law Tribunal, Bench at Ahmedabad [“NCLT"] has sanctioned the Scheme of Amalgamation of Six Wholly Owned Subsidiary Companies of Adani Power Limited (“APL"), viz. (i) 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 exchanged on Thursday.

In December last year, the company's secured creditors had approved the scheme of amalgamation following which the stock hit a high of 338 on BSE.

In a filing to BSE, Adani Power had then said that a meeting of secured creditors of Adani Power was held 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 in December 2022.

Meanwhile, shares of Adani Power Ltd were 5% down to settle at 172.90 apiece on the BSE on Thursday.

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ABOUT THE AUTHOR
Meghna Sen
Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
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Published: 09 Feb 2023, 03:30 PM IST
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