Adani Power’s Stock Jumps As Board To Mull Delisting Proposal
Adani Power Ltd. shares gained as much as 9.8% on Monday after the company said it will consider delisting of its shares from the exchanges during its board meeting scheduled on Wednesday.
"Meeting of board of directors of Adani Power to be held on June 3, 2020 to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties and related matters incidental thereto," the company said in a regulatory filing.
The company has received a letter on May 29, 2020 from Adani Properties Pvt., a member of the promoter and promoter group of the Company, the filing said.
In the delisting proposal letter, APPL has expressed its intention either by itself or together with other members of the Promoter Group, as the case may be, to acquire all the equity shares of the company, each equity share having a face value of Rs 10, held by the public shareholders of the company.
APPL also stated that if the delisting offer is successful, then the company will voluntarily delist the equity shares of the company from BSE and National Stock Exchange of India Ltd.
The promoter group collectively holds 2,89,16,12,567 equity shares of the company representing 74.97% of the paid-up equity share capital.
The public shareholders hold 96,53,26,374 equity shares, which corresponds to 25.03% of the paid-up equity share capital.
The board will also consider appointment of a merchant banker for delisting.