Mahan Energen Ltd., formerly known as Essar Power MP Ltd, is a power generation company in India. It runs the Mahan Thermal Power Plant, situated in the Singrauli district of Madhya Pradesh.
Mahan Energen Ltd., a subsidiary of Adani Power Ltd., has merged with its wholly-owned subsidiary, Stratatech Mineral Resources Pvt., as announced in an exchange filing on Wednesday.
The merger has taken effect following the fulfilment of all the conditions set out in the merger scheme. Additionally, it received approval from the National Company Law Tribunal’s Ahmedabad bench on November, 07.
The NCLT ruling indicated, “There are no negative observations regarding the petitioner companies or the proposed scheme…” After thoroughly examining the plan, the Tribunal expressed its belief that the arrangement between the companies appears to be prima facie advantageous and will not adversely affect the interests of the shareholders.
Earlier in June, Mahan Energen agreed to merge with the coal mining company Stratatech Mineral to enhance its fuel security. Stratatech Mineral has been assigned the Dhirauli Coal Mine, which has the capacity to produce 6.5 million tonnes of coal per year.
Adani Power Limited (APL), a subsidiary of the Adani Group, is one of the largest private power producers in India. The company was established to address the increasing power demands in the country and has been instrumental in enhancing India’s power infrastructure.
On October 28, Adani Power Ltd announced a 50% drop in net profit, reporting ₹3,298 crore for the quarter ending September 30, 2024. This is compared to a net profit of ₹6,594 crore during the same period last year. On that day, shares of Adani Power closed on the Bombay Stock Exchange (BSE) at ₹596 each, reflecting a 0.62% increase.
The share price of Adani Power Limited is currently ₹537.80 as of 3:08 pm, having reached a day’s high of ₹549.40.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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