Stocks

Adani Power to delist shares at floor price of ₹33.82

Our Bureau Ahmedabad | Updated on June 22, 2020 Published on June 22, 2020

Board gives nod for delisting of shares at a discount of 12% from Monday’s closing price

Adani Group’s power arm, Adani Power Limited, will delist its shares at a nearly 12 per cent discount from the closing price of the stock on Monday. The board of directors approved the floor price for delisting of shares at ₹33.82 per share. APL shares ended the trading session on Monday at ₹38.20 after the announcement.

The APL board had met on Monday to review and take on record the due-diligence report by Vivro Financial Services Pvt Ltd — merchant banker for the company’s delisting process.

It stated that Adani Properties Private Limited (APPL), a member of the promoter and promoter group of the Company, has informed that “as per the certificate dated June 22, 2020 issued by M/s Dharmesh Parikh & Co, Chartered Accountants, ₹33.82 is the floor price per equity share, which is arrived at in accordance with the SEBI Delisting Regulations.

The board has subsequently granted approval to the delisting proposal and consequent voluntary delisting of the equity shares of Adani Power in accordance with SEBI Delisting Regulations.

Earlier, on June 3, the board of directors of Adani APL considered the proposal for delisting of APL shares from stock exchanges and approved the appointment of Vivro Financial Services, a Category-I merchant banker registered with the Securities and Exchange Board of India (SEBI) to carry out the due diligence process.

As per the company’s disclosure on shareholding, the promoter group collectively holds 2,89,16,12,567 equity shares of APL, which is 74.97 per of the total paid-up equity share capital. Public shareholders hold 96,53,26,374 equity shares or 25.03 per cent of the paid-up equity share capital.

Published on June 22, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.