Adani Power Gets Letter Of Intent To Acquire Vidarbha Industries Power
Adani Power received a letter of intent from the resolution professional on Monday.
Adani Power Ltd. was announced the successful resolution applicant to acquire Vidarbha Industries Power Ltd. The power company received a letter of intent from the resolution professional on Monday.
"The Committee of Creditors of Vidarbha Industries Power, a company undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016, has approved the Resolution Plan submitted by Adani Power," the company said in an exchange filing on Monday.
The implementation of the resolution plan by the power company is subject to the terms of the letter of intent and the requisite approvals from the National Company Law Tribunal, Mumbai and other regulatory authority under the applicable laws.
Vidarbha Industries Power owns and operates a 2x300 MW thermal power plant located in MIDC Industrial Area, Butibori, Nagpur, Maharashtra.
Adani Power Q3 Results
Adani Power's consolidated net profit rose 7% in the third quarter of the current financial year. The Adani Group company posted a consolidated bottom-line of Rs 2,940.07 crore for the quarter ended December.
The company's revenue climbed 5.2% year-on-year to Rs 13,671.18 crore. Operating income, or earnings before interest, taxes, depreciation and amortisation, increased by 8% to Rs 5,022.92 crore. Ebitda margin expanded to 36.7% from 35.8%.
The company increased its fundraising limit via non-convertible debentures to Rs 11,000 crore. The board also approved raising up to Rs 5,000 crore via QIP.
