JP Power share price: Stock sees POWERFUL rally after Rs 2993.5 cr acquisition deal with Adani Power - Stock movement details - Markets | Latest News Updates

Shares of Jaiprakash Power Ventures Ltd on Wednesday, May 27, rallied around 20 per cent to hit the upper circuit of Rs 22.96 after the company informed about its Rs 2,993.5 crore acquisition deal with billionaire Gautam Adani-led Adani Power Ltd.

Today, shares of JP Power opened at Rs 246.80, hitting an upper price band of Rs 252.60. It closed at Rs 19.14 on Wednesday.

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JP Power Adani Acquisition Deal

In an exchange filing earlier on May 23, Jaiprakash Power informed the bourses that a resolution plan submitted by Adani Enterprises in relation to the insolvency process of Jaiprakash Associates Limited (JAL) has been approved.

In the filing, it further stated that as part of the implementation of the approved resolution plan, the promoter company i.e. JAL has entered into certain definitive agreements with Adani Power Limited (APL).

“Share Sale and Purchase Agreement between JAL and APL for the sale of 24% shareholding of the Company held by JAL shall be transferred to APL for the consideration of Rs 2,993,59,08,147.6,” the filing read.

Following the sale, 24 per cent voting right earlier held by JAL will be transferred to APL, the filing read.

Jaiprakash Power Share Price History

Shares of Jaiprakash Power gained 25.20 per cent in a week while it advanced 17.15 per cent in a month. The stock rallied 51.39 per cent in three months while 22.99 per cent in six month, respectively.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

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