Adani to hike stake in power subsidiary to 75% from 68%

Adani Enterprises board approved infusion of additional funds in its subsidiary Adani Power and increase promoters' stake to 75 per cent from 68 per cent. The company, however, did not disclose the amount that would be pumped in for raising the stake.

"Board of Adani Enterprises has approved, in principle, the proposal to allow additional investment in Adani Power so as to enhance the total promoters' shareholding up to 75 per cent from about 68 per cent," the company said in a release on Thursday.

The company also expects to expand the power generation capacity of Adani Power to nearly 10000 MW by March next year from the current levels of 4660 MW.

Adani Enterprises on Thursday reported a decline of 42 per cent in its consolidated net profit to Rs 320.21 crore for the quarter ended September 30, 2012 due to muted growth in sales and increased tax outgo.

The company had reported a net profit of Rs 552.68 crore during the corresponding quarter of the previous fiscal.

Net sales of the company was marginally up by 1.82 per cent to Rs 10,261.85 crore during the quarter vis-a-vis Rs 10,078.73 crore of the July-September quarter of FY'12.

Adani Enterprises scrip was trading at Rs 222.80 apiece on the BSE, down 0.27 per cent from the previous close.

With PTI inputs