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The Committee of Creditors (CoC) of VIPL approved Adani Power’s resolution plan, and the company received the Letter of Intent from the Resolution Professional on February 24, according to a regulatory filing.
VIPL owns and operates a 600 MW thermal power plant in Butibori, Nagpur, Maharashtra. The acquisition is subject to necessary approvals from the National Company Law Tribunal (NCLT) and other regulatory authorities.
VIPL was formerly a subsidiary of Anil Ambani-owned Reliance Power but entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary.
Adani Power’s stock has declined 12.26% over the past year and 24.32% in the last six months. However, shares have rebounded 14.36% in the last three months and gained 3.72% over the past week.
According to Trendlyne data, the consensus average target price for Adani Power shares stands at Rs 660, implying a potential upside of nearly 29% from current levels.For the quarter ended December 2024, Adani Power’s consolidated revenue rose 5.23% year-on-year to Rs 13,671 crore, while net profit increased 7.37% to Rs 2,940 crore. However, net profit fell 10.85% sequentially from Rs 3,298 crore in the previous quarter.Also read | FII exodus: 5 sectors hit hardest by foreign fury in early February
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