NEW DELHI: Adani Power shares on Tuesday shot up to a 52-week high, hitting the 10% upper circuit on reports the company has received Rs 3,000 crore in past dues from three Rajasthan discoms (distribution companies).
The scrip was also propelled by the news of 32 lakh shares, or 0.2% of the equity, exchanged hands in a block deal. The buyer remained unidentified.
The company received the payment under a March 25 Supreme Court order asking Rajasthan Urja Vikas Nigam, Jaipur Vidyut Vitran Nigam and Jodhpur Vidyut Nigam to pay past dues with interest within four weeks or face the prospect of the discom brass to personally appear in court to explain.
At the hearing on March 31, the discoms informed the court that they have paid Rs 3,000 crore to the company on March 30 as per its order.
