Adani Power Share Price:  Adani Power shares witnessed a surge on Wednesday in morning trade after CCI approved the acquisition of Lanco Amarkantak Power Limited to Adani Group's company.

The stock has gone up by about 4 percent to over Rs 542 in early trade itself. The stock opened at Rs 529 and within a few minutes, it reached Rs 538.80. At around 10:51 am, Adani power shares were trading at 534.80, up by 2.5 percent. Adani Power's 52 week high is Rs 589.45 and low is Rs 166.40.

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Adani Power surged over 5% in last 5 days

Adani Power surged more than 5 percent in the last five days. This stock of Adani Group, which was majorly trading in red last month, has given excellent returns of more than 43 percent in the last six months. Whereas, in the last year it has almost tripled the money of its investors. A jump of about 194 percent has been recorded during this period.

Lanco Amarkantak Power bankruptcy

Lanco Amarkantak Power, part of the Lanco Group, is currently undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). Adani Power Limited will acquire 100 percent equity share capital of Lanco Amarkantak Power. Lanco Group deals in power generation in India.

According to CCI, the proposed transaction will not have any adverse impact on competition in any potentially relevant market in India. Earlier, Adani Power had got the approval of the committee of creditors for the resolution plan for the acquisition of bankrupt Lanco Amarkantak Power.

Adani bided worth Rs 4,101 crore for acquisition

Adani Power has reportedly won a bid worth Rs 4,101 crore for the acquisition of the debt-ridden company. Lanco Amarkantak has two thermal power units of 300-300 MW each in Chhattisgarh. This deal will further expand the capacity of Adani Power in power production.

Other Adani Group stock

As the market opened in green, the stocks of Adani groups like Adani Enterprises, Adani Green Energy, Adani Total Gas, and Adani Ports were trading in green as well.

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Disclaimer: This is only news of Adani power stock performance today, Jagran does not advise investing. Please consult with experts before investing.