Shares of Adani Transmission jumped 13.5 percent intraday on October 15 after the acquisition of transmission service provider in Gujarat.
The stock gained more than 50 percent in last one year. It was quoting at Rs 244.55, up Rs 19.60, or 8.71 percent on the BSE at 1010 hours IST.
"... has signed Share Purchase Agreement with REC Transmission Projects Company Limited on October 14 for acquisition of its entire stake in WRSS XXI (A) Transco Limited (WRSSTL)," The Adani Group company said in its BSE filing.
WRSSTL Project consists of approximately 272 ckt km of 765kV line and 3,000 MVA transformation capacity. This project is primarily being constructed to strengthen the transmission system for relieving over loadings observed in Gujarat intra-state system due to renewable energy injections in Bhuj PS.
"With this acquisition, the cumulative transmission network of the company will reach more than 14,000 ckt km of transmission line and more than 23,000 MVA transformation capacity, out of which more than 11,000 ckt km and more than 18,000 MVA are under steady-state operation," Adani Transmission said.
The company also operates a distribution business serving about 3 million customers in Mumbai.
WRSS XXI (A) Transco Limited is a project-specific special purpose vehicle (SPV), incorporated on March 26 this year as a wholly-owned subsidiary of REC Transmission Projects Company Limited.
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