Adani Power Schedules Meeting To Evaluate Slump Sale of Mundra in Gujarat

A meeting has been scheduled by the board of Adani Power, on June 6, 2017, in order to consider and evaluate slump sale of its power generating business at Mundra in Gujarat.

The consolidated EBITDA were lower for the quarter ended and year ended March 31, 2017 and due to non-recognition of compensatory tariff for Mundra plant, the consolidated total income for the year reduced.
 
The company has recently reported its financial results for the quarter and year ended March 31, 2017. In its filings with the BSE, the company mentioned that it wrote off receivables pertaining to a compensatory tariff for Mundra plant, amounting to Rs 3620 crore, that were recognised up to March 2016.
 
The reaction of investors was positive to the company’s decision of contemplating the sale of its Mundra power generating business. The stock touched its intraday high of Rs 27.5 per share, an increase of 2.04%, as of 1038 hours on Friday.