Adani Coastal Energen Deal:The biggest bid was made by Adani Power for Coastal Energy. According to ET, Adani Group company and Dickie Alternative Investment Trust jointly bid for Coastal Energy.
Adani Coastal Energen Deal: Another big news is coming after refinancing the loan of 350 crore dollars from Adani Group. Now Adani Power is preparing to do a deal with bankrupt Coastal Energen. Adani Power has come very close to this deal. This deal is expected to be done for Rs 3,440 crore. People having knowledge of this matter said that Adani Power has been on top in the bidding process that lasted for two days.
Three companies participated in the bidding process
According to the news published in Economic Times, Jindal Power, which was in the race to acquire the company, has withdrawn from the field. This cleared the way for Adani Power. The biggest bid was made by Adani Power for Coastal Energy. According to ET, Adani Group company and Dickie Alternative Investment Trust jointly bid for Coastal Energy. Sherisha Technologies, Jindal Power and Dickey Alternative had bid for Coastal Energy.
Who will benefit?
Adani Power made a bid of Rs 3,440 crore during the two-day bidding. Jindal Power did not bid on it and withdrew from the field. Sherisha Technologies did not participate in the bidding process. Let us tell you that Coastal Energy has two operational units of 600 MW each in Tamil Nadu. Adani Power’s shares have been declining in the last few trading sessions. After the fall on Friday, a big fall was seen in the stock on Monday and it is trading at Rs 326.25, down by Rs 11.85.
Why did you bid with Dickey Alternative?
On the first day of the week, Adani Power shares opened with a green mark on Monday morning at Rs 340.50. But later a decline was seen and it fell to Rs 323. The high level of the share during intraday was Rs 342. Actually, Adani Power had not submitted the expression of interest. To participate in the bidding, Adani Power presented a joint resolution plan with DICCI. The base price of Coastal Energy’s bid was fixed at Rs 2,809.12 crore. Adani Power bid Rs 3,440 crore in the 19th round.