Adani Power stocks gain as consortium receives letter of intent for Coastal Energen purchase

The Committee of Creditors (COC) of Coastal Energen (CEPL), has approved the resolution plan submitted by a consortium, of which Adani Power is a part.

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Shares of Adani Power gained nearly 1 percent on the NSE at open on December 26 after the consortium led by Adani Power received lenders approval to buy bankrupt Coastal Energen. At 9:30 am, the stock was trading in the green at Rs 515, around 0.48 percent higher than Friday’s close.

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According to a regulatory filing on December 23, the Committee of Creditors (COC) of Coastal Energen (CEPL), has approved the resolution plan submitted by a consortium of which Adani Power is a part. The consortium of Adani Power has received a letter of intent from the resolution professional. CEPL is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code.

The implementation of the resolution plan is subject to the terms of the LOI
and requisite approvals from the NCLT and/or any other regulatory body under applicable laws, the filing added.

Also read: Cash Market | Adani Power breaks out of a flag trend continuation pattern

In Q2FY24, Adani Power reported a net profit of Rs 6,594 crore, against Rs 696 crore from the year-ago period. Revenue rose 84 percent year-on-year to Rs 7,044 crore. Earnings before interest, tax, depreciation, and amortisation for Q2FY24 was up 202 percent to Rs 4,336 crore.

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