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Adani Power To Consider Voluntarily Delisting From Exchanges

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Following the footsteps of Vedanta, now Adani Power is all looking up to delisting from stock exchanges. On Friday, the company informed the exchanges that its board in its upcoming meet will consider voluntary delisting of its shares.

Adani Power To Consider Voluntarily Delisting From Exchanges
 

And this effort of buying out public stake in the company shall be carried out by the company's promoter firm Adani Properties Pvt. Ltd.

Earlier as per a Mint report several companies shall consider delisting as depressed valuation will make such companies' private. In a span of 12 months, the company's share price has almost halved from Rs. 73.75 to Rs. 36.40. And considering the Friday's price, the proposal would entail a cost of Rs. 3513 crore.

On Wednesday, Mint reported that the Indian markets could see several delisting as depressed valuations made it attractive for promoters to take their companies private, which would make it easier for them to restructure, or turnaround the businesses without public scrutiny.

Several of the group companies including Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd, Adani Green Energy Ltd, Adani Gas Ltd, and Adani Enterprises Ltd are listed on the exchanges.

"Pursuant to the delisting proposal letter, the board of directors of the company have been requested to: (a) consider and approve the delisting proposal in accordance with the Securities and Exchange Board of India (Sebi) Delisting Regulations; (b) seek the requisite approvals for the delisting proposal, including from the shareholders of the company in accordance with the Sebi Delisting Regulations, the stock exchanges, any third parties, lenders or any other authority (as may be applicable; and (c) to take all such other actions as may be required to be undertaken by the company under the Sebi Delisting Regulations to give effect to the delisting proposal including appointment of merchant banker to undertake due diligence," the company said in an exchange filing.

 

The company's board is scheduled to meet on June 3 for proposed delisting.

GoodReturns.in

Story first published: Saturday, May 30, 2020, 5:21 [IST]
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