Shares of Adani Power rose over 8 per cent today after the Adani Group firm said its board has approved an amalgamation scheme for the merger of its six wholly owned subsidiaries with itself. Adani Power stock touched an intraday high of Rs 134.35, rising 8.57 percent against the previous close of Rs 123.75 on BSE. The share has gained after two days of consecutive fall.
As per the filing, the subsidiaries to be merged with Adani Power are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.
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