By continuing, I accept the T&C and agree to receive communication on Whatsapp
27 Mar 2024 , 02:25 PM
On Tuesday, the Competition Commission of India (CCI) authorised Adani Power’s planned acquisition of Lanco Amarkantak Power.
According to a statement, Adani Power intends to acquire 100% of the share capital and control of Lanco Amarkantak Power through the corporate insolvency resolution procedure (CIRP) established under the Insolvency and Bankruptcy Code, 2016 (IBC). Lanco Amarkantak Power, which is insolvent, operates a thermal power-producing company.
On March 5, Adani Power reported that its creditors had approved the resolution plan to buy bankrupt Lanco Amarkantak Power. The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India, the Centre for Competitiveness (CCI) stated.
Adani Power is engaged in the business of thermal power in India. According to another announcement, CCI has approved offers from multiple organisations, including Ranjan Pai’s MEMG Family Office LLP and 360 ONE Group, to purchase interests in PharmEasy.
According to the statement, the acquirers (MEMG LLP and 360 ONE Group) plan to subscribe for class B compulsorily convertible preference shares of the Target (API Holdings Ltd).
360 One is a SEBI-registered Alternative Investment Fund. It is overseen by its investment manager, AML. The latter provides investment management services to 360 ONE Mutual Fund schemes and alternative investment funds within the 360 ONE Group. MEMG Family Office LLP (MEMG LLP) provides consultancy and advisory services to customers in India and is eventually part of the Pai Family Group.
At around 1.22 PM, Adani Power was trading 3.94% higher at ₹542.55, against the previous close of ₹522 on NSE. The counter touched an intraday high and low of ₹544.40, and ₹528.35, respectively.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2024, IIFL Securities Ltd. All Rights Reserved
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.