Shares in Indiabulls Power traded with strong gains in a flat Mumbai market on the buzz that steel tycoon LN Mittal and US hedge fund Farallon Capital are looking to invest into the company.
The deal is likely to happen at 20-25 per cent premium to the current price.
Shares in the company traded with over 4 per cent gains at Rs 12.79 on the BSE at 10.03 a.m., while the Sensex was flat at 16,867.
Indiabulls Power is currently developing thermal power projects with an aggregate capacity of 5400 MW. The first unit is expected to go on stream in May 2012. The net worth of the company is Rs 4,410 crore.
Disclaimer: This information is based on the buzz in the stock market and on secondary information. Readers should use discretion before using the information.
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