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Our Bureau Moving ahead for its delisting plan, the Adani Group’s power arm, Adani Power on Wednesday announced appointment of Vivro Financial Services as the merchant banker for the proposal.
In its meeting held on Wednesday, the board of directors of Adani Power considered the proposal for delisting of the shares of APL from the stock exchanges and approved the appointment of Vivro Financial Services a Category-I Merchant Banker registered with the Securities and Exchange Board of India to carry out due diligence process.
Vivro Financial Services is an Ahmedabad-based player offering merchant banking services including for SME IPOs.
After the receipt of the due diligence report from the merchant banker, the board will again meet to discuss the delisting proposal in detail, the company filing said.
Notably, Adani Properties Pvt Ltd (APPL), a member of the promoter and promoter group company has proposed to voluntarily delist equity shares (each having face value of ₹10) of Adani Power from BSE and NSE — either by itself or together with other members of the promoter group.
According to the company’s disclosure on share holding, the promoter group collectively holds 2,89,16,12,567 equity shares of APL, which is 74.97 per of the total paid-up share capital. The public shareholders hold 96,53,26,374 equity shares or 25.03 per cent of the paid-up equity share capital.
On Wednesday, Adani Power stock closed at ₹37.7, down 6.22 per cent, on the BSE.
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