Adani Power shares in focus ahead of Q2 results, Lanco report

Share of Adani Power Ltd are in focus on Thursday morning ahead of the company's September quarter results due later in the day. The stock was also in news as a media report quoting two people aware of the development suggested the Adani group firm was renewing its desire to acquire bankrupt thermal power company Lanco Amarkantak Power.

This is after Adani Power backed out of the race last year in December. As per the ET report, Adani Power shared a revised offer of Rs 3,650 crore to Lanco's lenders. This was against an other of Rs 2,950 crore it proposed in December 2022.

The report further suggested that Lanco's lenders will meet today, November 2, to review the offer from Adani, the people said. Adani's new offer comes several months after a majority of lenders voted for a Rs 3,020 crore resolution plan from a PFC-led consortium, ET reported. To recall, the PFC-led consortium proposal in January this year, secured 95 per cent of votes while Adani Power's got 17 per cent votes. Reliance Industries, which was also in the race offering Rs 2,103 crore, did not receive any votes, the ET report suggested.

In the September quarter, two promoter group entities acquired a 2.2 per cent stake through in the company via open market operations. The Adani group firm had reported a profit of Rs 8,759 crore in the June quarter, up  up 83.3 per cent YoY. Sales for the quarter was up 16.8 per cent YoY at Rs 18,109 crore.

Adani Power shares are up 55 per cent in the last six months and 22.42 per cent year-to-date.

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