Jaiprakash Power shares soared over 18% on Wenesday, May 27 after the company informed the exchanges about Adani Power's acquisition of 24% stake for nearly Rs 2,993.5 crore.
JP Power shares advanced 18.5% intraday to Rs 22.67 apiece. The scrip was trading 16.8% higher at around 12 noon, while the benchmark Nifty 50 was 0.10% up.
JP Power in an exchange filing on March 17 informed that a resolution plan submitted by Adani Enterprises in relation to the insolvency process of Jaiprakash Associates Limited (JAL) has been approved. In order to implement the plan, the company in an exchange filing on Wednesday, May 27 said that the promoter company JAL has entered into a definitive agreement 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% voting right earlier held by JAL will be transferred to APL, it said.
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