Lanco Infra gains on sale completion
By
Research Desk
about 10 years ago
Lanco Infratech yesterday announced successful completion of its Udupi power plant sale to Adani Power, making it the largest acquisition in India in the thermal power space. This was a not surprise, ‘breaking news’ kind of announcement. This deal was already inked way back in August 2014 as part of its debt restructuring scheme. This announcement today marks completion of this deal.
The enterprise value of the deal is placed at Rs.6300 crore and is to be used by Lanco to reduce its debt; its long term debt and short term debt will stand at Rs.4275 crore and Rs.2147 crore respectively.
The stock is up currently 7.5% at Rs.5.68 levels. Intra day high is at Rs.5.80 and 52-week stands at Rs.14.94.