Equity Alert: Adani Enterprises up; report PE cos eye stake in arm
MUMBAI--11:25AM--Shares of Adani Enterprises rose 5% to 614 rupees
on a
newspaper report a consortium of investors, led by private equity
player 3i,
may pick up 4.0-4.5% stake in arm Adani Power for 18 bln rupees,
dealers said.
Adani Power is in the process of floating an initial public offer.
The consortium of investors includes Singapore's Temasek and an
infrastructure fund, The Economic Times reported. 3i already holds
around 8.5%
in the company, which will be diluted to 7.32% after the public issue.
The pre-IPO transaction will value Adani Power at nearly $10 bln,
making it
the most valued private sector power company in the country, the
report said.
The stock has resistance around 620 rupees and then at 638 rupees,
and
support at 590 rupees, dealers said.
So far today, 63,047 shares have been traded on NSE.
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