Shares of Adani Energy Solutions surged over 7 percent on March 27 after the company signed a Share Purchase Agreement with Maharatna PSU REC's subsidiary for a 100 percent stake in Mahan Transmission Limited (MTL).
Adani Energy's shares were trading at around Rs 860 apiece in the afternoon, its highest level in 2025 so far.
Adani Energy Solutions said in a company filing that the deal with REC Power Development and Consultancy (RECPDCL) was executed on March 26 for the acquisition of MTL, which has an authorized share capital of Rs 5 lakh. MTL will evacuate 1,230 MW of power from Adani Power's upcoming 1,600 MW expansion units at Mahan in Madhya Pradesh's Singrauli district, and feed into the state grid.
"This acquisition is proposed to further AESL's strategy for enhancing value for its shareholders through organic as well as inorganic opportunities," Adani Energy added.
REC had informed exchanges about the development in an exchange filing after market hours on March 26, stating that its subsidiary has transferred the entire shareholding in MTL, which comprised 50,000 equity shares, to Adani Energy Solutions.
REC said the total cash consideration for the deal stood at Rs 3.28 crore, along with the reimbursement of expenses. The entire stake in the firm was sold through a competitive bidding process, which saw Adani Energy Solutions emerge was the winner.
Adani Energy Solutions shares have risen nearly 31 percent in the last one month. The stock has recovered sharply after hitting a 52-week low of Rs 588 in November last year. However, the stock is still significantly lower than its 52-week high of Rs 1,348 apiece.
REC shares meanwhile trading with marginal gains at Rs 429 apiece.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
