Adani Power is planning to merge with group firm Growmore Trade and Investment, Mauritius, in a $531 million stock deal, Reuters reports. The deal will be at share swap ratio of 16,615 shares of Adani Power for every 10,000 ordinary shares of Growmore.

As a part of the agreement, a total of 213.2 million shares of Adani will be issued to Growmore. Ernst & Young was independent valuers and ICICI Securities provided a fairness opinion to Adani.

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