Adani Power shares rose over 4% today, breaking its two-day losing streak. This came after the company announced sale of 81.69% stake in ALCPL to privately held Resurgent Power Ventures.

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Adani Power said it will receive an estimated Rs 3,264 crore from the stake sale. The deal is expected to be completed in the next three-four months

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The company said it will utilise the proceeds to retire debt and improve the consolidated capital structure. This will also aid the deleveraging process.

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Adani Power's consolidated debt stood at Rs 55,371 crore as of FY22. The deal will help trim this debt significantly.

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Resurgent Power Ventures is a consortium between Abu Dhabi Investment Authority, ICICI Bank and other global investors.

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It won the bid to acquire Adani Power's stake in ALCPL under the corporate insolvency resolution process.

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ALCPL owns and operates a 1,200 MW thermal power plant in Raigarh district in Chhattisgarh.

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Adani Power said the deal will help provide exit to existing shareholders of ALCPL, who were looking to exit their investment in the company.

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