Adani Transmission became the fifth Adani Group company to cross ₹1 trillion market cap
Adani Transmission has signed definitive agreements with Essel InfraProjects Ltd for the acquisition of Warora-Kurnool Transmission Ltd at an enterprise valuation of ₹3,370 crore
MUMBAI: Adani Transmission Ltd on Tuesday entered into the elite club of ₹1 trillion market cap after its shares surged over 106% so far this year.
The stock touched an all-time high of ₹924 on BSE and gained as much as 6.1% with mcap of ₹1.01 trillion. However, at closing, the scrip erased most of its gains and ended at ₹875.90 on BSE, up 0.8% from its previous close. It’s mcap settled at ₹96332 crore.
Adani Transmission became the fifth Adani Group company to cross ₹1 trillion market cap. Earlier, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Total Gas Ltd and Adani Ports have achieved this milestone.
On Saturday Adani Transmission said that it has signed definitive agreements with Essel InfraProjects Ltd for the acquisition of Warora-Kurnool Transmission Limited (WKTL). Adani is acquiring the transmission line at an enterprise valuation of Rs3,370 crore.
Mint first reported on 21 October that Adani was looking to acquire the asset from Essel Infra through the substitution process.
WKTL will develop, operate and maintain transmission system aggregating to 1,750 ckt km in Maharashtra, Telangana and Andhra Pradesh and a 765/400 kV substation at Warangal.
With this acquisition, the cumulative network of ATL will reach 17,200 ckt km.
With this enhanced scale of operations, ATL will enjoy substantial benefits in terms of cost optimisation and shared resources and will also fortify its position of being the largest private sector transmission company in the country, the company said.