Adani Transmission shares gain 2.5% on GMR asset takeover

NEW DELHI: Shares of Adani Transmission rose by 2.5 per cent today after the company completed the acquisition of operational transmission assets of GMR Energy Ltd.

The stock ended the day with a gain of 2.53 per cent at Rs 42.55 on BSE. During the day, it surged 3.37 per cent to Rs 42.90.

At NSE, shares of the company went up by 2.16 per cent to end at Rs 42.45.

In a filing to the BSE on Friday, Adani Transmission said that it has "completed the acquisition of 74 per cent shares of Maru Transmission Service Company Ltd (MTSCL) and 49 per cent shares of Aravali Transmission Service Co Ltd."

The company on July 1 had announced acquisition of GMR Energy's transmission projects - Maru Transmission Services Limited (MTSL) and Aravali Transmission Services.

While payment has been made for 100 per cent stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement, the filing said.