Adani Power witnessed a 5% surge, hitting its upper circuit, as Reliance Industries (RIL) acquired a stake in its Madhya Pradesh project. The share price opened at ₹547.70, up from the previous close of ₹533.70, and quickly rose to hit the upper circuit level of ₹560.35 on the BSE.
This spike in Adani Power’s share price follows the announcement of Mukesh Ambani’s Reliance Industries acquiring a 26% stake in a Madhya Pradesh power project owned by Gautam Adani. The agreement also involves a pact for Reliance to utilize 500 MW of electricity from the plant for captive use.
As part of the deal, Reliance will acquire five crore equity shares in Mahan Energen, a wholly owned subsidiary of Adani Power, at face value of ₹10 each (totaling ₹50 crore).
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