Adani Energy shares crash to hit 20% lower circuit after 100% acquisition of Pune-III Transmission
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Shares of Adani Energy Solutions crashed 20% to hit their lower circuit at Rs 697.70 on the BSE today after the company announced that it has entered into an agreement with PFC Consulting for the acquisition of a 100% stake in Pune-III Transmission (PTL). However, the crash in the stock has come after Gautam Adani, head of India's Adani Group, and seven others faced charges in the United States in a multibillion-dollar bribery and fraud scheme, news agencies including Reuters and Bloomberg reported on November 21. “We would like to inform you that Adani Energy Solutions Limited (AESL), on 19th November 2024, at about 3:00 p.m. IST, executed a Share Purchase Agreement (SPA) with PFC Consulting Limited for acquiring 100% equity shares of Pune-III Transmission Limited (‘PTL’),” the company said in an exchange filing. PTL projects include the establishment of new 2x1500 MVA, 765/400 kV & 3x500 MVA, 400/220 kV Pune-III (GIS) substation...