Shares of Adani Transmission Limited were trading higher after the company announced definitive agreements with Essel Infraprojects.

On the NSE, at the time of this writing, shares of Adani Transmission Limited traded higher by 3.60 percent at 901.90 per share.  In comparison, the NSE Nifty quoted at 14775-mark up by 267 points.

Adani Transmission Limited (ATL), India's largest private sector power transmission and retail distribution company has signed definitive agreements with Essel Infraprojects Limited (EIL) for the acquisition of Warora-Kurnool Transmission Limited (WKTL).

ATL's acquisition values the Enterprise Valuation of the target at Rs. 3370 Crore. The regulatory approval for substitution of original awardee in the contract by Adani Transmission has already been received from Central Electricity Regulatory Commission. The lender's consent and other necessary regulatory approvals shall be obtained before the closure of the transaction.
The project was awarded through a competitive bidding process on a build, own, operate, maintain basis and has a concession life of 35 years. The agreement has been signed post consent by CERC for substitution of original awardee in the contract by Adani Transmission Limited, for 100 percent of equity holding in WKTL," the company said in a release to the exchanges.

Sensex, Nifty Extend Gains; metal, finance stocks rise

Centre receives multiple EoI for privatisation of Neelachal ISPAT Nigam Ltd

RBI carries out Special Clearing Operations for Closure of Govt Accounts on March 31