This sale will bring down GMR Group's debt pile which stood at Rs 21,000 crore as of March 2019, of which GMR Chhattisgarh Energy had an outstanding debt of Rs 5,926 crore.
It had posted a consolidated net loss of Rs 653.25 crore in the same period previous fiscal, the company said in a BSE filing.
In the BSE Smallcap index, 60 percent of total 750 stocks were in the positive return on closing of April 16 and of which top 45 stocks rallied between 50-195 percent.
The tariff relief approved under the supplemental PPAs (power purchase agreements) by the Central Electricity Regulatory Commission (CERC) will significantly reduce the losses faced by APML and improve viability of the project, Icra said in a statement.
CLSA said after this order, FY20 losses will come down by 88 percent and debt repayment visibility will improve going forward
Adani Power has been seeking to pass through higher cost of imported coal to run this plant.
CERC also approved reviewing ceiling price every 5 years as per recommendations by High Powered Committee.
The project was approved by highest decision making body on SEZ - Board of Approval - chaired by the commerce secretary, in its meeting on February 25.
Tata Power welcomed the resolution by the Government of Gujarat to accept the recommendations of the High Power Committee in giving some relief to Mundra Ultra Mega Power Project.
Most technical experts feel that the momentum is likely to continue in December as well. The Nifty50 which reclaimed 10,800 is on track to hit 11,000 in this year as well.
The Nifty rollover for December series stand at 48.62 percent so far, slightly lower than the 3-month average of 68 percent, ahead of expiry.
Midcap and smallcap indices gained 7.3 percent and 6.3 percent, respectively.
The company had clocked net profit of Rs 316.88 crore during the same period a year ago, country's largest private thermal power producer said in a regulatory filing.
Tata Power's Mundra plant has a capacity of around 4,000 MW that had become unviable because of the rise in cost of generating power
The company proposes to have flexibility to infuse additional capital, to tap capital markets and to raise additional long term resources, if necessary in order to sustain growth in the business, for business expansion and to improve the financial leveraging strength of the company, Adani Power said in its annual report 2017-18.
132 stocks have hit new 52-week low including Amtek Auto, DEN Networks, Dena Bank, Hathway Cable, HDIL, INOX Wind, Kwality, Reliance Naval, Tata Power, Capital First and Vedanta among others.
The company said the proceeds from the equity-raising program would be utilised towards strengthening the balance sheet position of group companies including deleveraging the power business.