"This transaction will support the company in reducing its debt and will enable Lanco to receive about Rs 2,000 crore as cash and additionally, Adani Power will take Udupi Power's long-time debt of around Rs 4,000 crore," said Lanco Infratech in its filing.
Shares of Lanco Infratech rallied nearly 5 percent on Thursday after the infrastructure company sold its coal-fired Udupi Power plant (1200 MW) to Adani Power (too gained as much as 3.6 percent intraday) for an enterprise value of Rs 6,000 crore.
"This transaction will support the company in reducing its debt and will enable Lanco to receive about Rs 2,000 crore as cash and additionally, Adani Power will take Udupi Power's long-time debt of around Rs 4,000 crore," said Lanco Infratech in its filing.
The Lanco Udupi Power plant has already signed an agreement with Karnataka government for further expansion of 1320 MW.
Accoriding to Lanco, the imported coal-based thermal power plant of the company, which supplies 90 percent of power generated to Karnataka state and 10 percent to Punjab state, is the first independent power project in the country based on 100 per cent import coal with a captive jetty of four million tons per annum and an external coal handling system in the new Mangalore Port Trust.
Harshvardhan Dole, vice president institutional equities, IIFL sees the enterprise value (EV) of Rs 6000 crore as a win-win for both the companies involved in the deal .
"It is EV per mega watt of close to Rs 4.5 crore to Rs 5 crore which is a good deal. It is lower than the current replacement cost and since the plant sells power on longer term assured return on equity (RoE) basis, Adani Power should not have any material challenge selling or rather structuring the power purchase agreement (PPA) hereon. Lanco of course will see reduction in debt, their debt should come off by about 10 percent odd," Dole explained.
At 11:50 hours IST, Lanco Infratech was quoting at Rs 8.92, up 4.57 percent while Adani Power rose 2.4 percent to Rs 53.30 on the BSE.
Posted by Sunil Shankar Matkar
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