Adani Properties Withdraws The Proposal To Delist Adani Power Ltd.

Adani Power on September 17 informed that Adani Properties has withdrawn the proposal to delist the company. Due to the non-receipt of in-principle approval of stock exchanges, Adani Properties withdrew the proposal. In a regulatory filing to BSE, the company mentioned this yesterday seeking withdrawal of the delisting offer.

The BSE filing stated, "The Company (Adani Power) has received a letter dated September 17, 2022 (the "Delisting Withdrawal Letter") from Adani Properties Private Limited ("APPL"), a member of the promoter and promoter group of the Company ("Promoter Group"), regarding the withdrawal of the delisting offer dated May 29, 2020 and the proposal to voluntarily delist the equity shares of the Company from the BSE Limited and the National Stock Exchange of India Ltd." Additionally, the company shall be taking necessary steps including inter alia noting and taking on record the Delisting Withdrawal Letter by the Board of Directors of the company.

"We understand from the company that the company has not yet received in principle approval of the stock exchanges, for the Delisting Offer. Due to non-receipt of in principle approval of the Stock Exchanges, the company and APPL are unable to proceed forward with the Delisting Offer and this has resulted in a substantial and significant delay in proceeding forward with the Delisting Offer - and implementing the voluntary delisting process, as also its commercial viability," Adani Properties in a recent letter mentioned.

Earlier, the Adani Power board had approved Rs. 33.82 floor price/ equity share under the delisting offer to buy 96.53 crore equity shares (25.03% equity) with the public for about Rs. 3,264 crore.