In a regulatory filing, billionaire Gautam Adani-led firm said the board approved the proposed delisting of the firm based on the recommendations from the merchant banker. “Adani Group had come out with the IPO of Adani Power in August 2009 at the issue price of Rs.100 per share. Ltd. Track the industry of your choice with a daily newsletter specific to that NEW DELHI: The Board of Directors of Adani Power Ltd (APL) on Monday approved a proposal to delist the company from the stock exchanges. MUMBAI: Investors in Adani Power are a disappointed lot as the company's board on Monday set the floor price for delisting of shares at ₹ 33.82 apiece, nearly 11% below the market 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. Disclaimer : We respect your thoughts and views! Adani Power board on Monday approved the proposal to delist the company’s equity shares from stock exchanges. 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. There was a huge cry that Opal is Adani Shell company in 2012. Digital Editor. Adani Power on Friday said it has received shareholders' approval for its Rs 3,264-crore delisting proposal. With the delisting promoters seek the freedom to restructure their businesses outside the scrutiny of public shareholders and regulators. With this, Adani Power is the second company to announce a delisting this month. Published: 22nd June 2020 08:05 PM  |   Last Updated: 23rd June 2020 11:49 AM They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. 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. Updated: Jun 22, 2020, 18:25 PM IST. A -A + Posted: Jun 23, 2020 07:25 AM (IST) Updated : 3 months ago . In its letter to Adani Power’s board, the promoter said the delisting would enable the group to obtain full ownership, and provide enhanced operational and strategic flexibility. According to the latest report of global solar companies, Mercom Capital has ranked Adani Green as #1 globally in terms of power generation, operational, and contracted projects. Stay on top of your investments. We take the quality of the messages posted on forum as seriously as our articles. Home >Companies >News >Adani Power board approves ₹ 3,264 crore delisting plan The company has worked out the floor price of ₹ 33.82 per share to … The power generation firm’s board is set to meet on 3 June to consider the delisting proposal.Adani Power’s share price has halved from a high of ₹73.75 to the current level of ₹36.40 "...(delisting) resolution as set out in the notice has been passed with the requisite majority on July 23, 2020, being the last date specified for remote e-voting," a regulatory filing stated. Adani Power Adani Power board approves delisting of shares from BSE, NSE. Your support through more subscriptions can help us practise the journalism to which we are committed. Adani needs 15% stake and holds 5% already through Opal Investment Pvt Ltd. rrb/sn/vd The company has worked out the floor price of an equity share of Rs 33.82 to buy 96.53 crore scrips with the public for about Rs 3,264 crore. Track stock prices in your portfolio. Unlimited access to all content on any device through browser or app. The company will now seek its shareholders nod on the proposal through a postal ballot, the company said in an exchange filing. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. about 7 mins 57 sec ago. Adani Power’s Board will meet on June 3, to consider the proposal for voluntary delisting of the equity shares of the Company received from Adani Properties Private Limited, the company said. Kindly follow our Code of Conduct and refrain from posting any abusive, promotional or gibberish content on forum. Adani Green has set a target of 25GW of renewable projects by 2025. The product is a monthly auto renewal product. Last Updated at July 24, 2020 21:39 IST. Copyrights © 2021 Business Standard Private Ltd. All rights reserved. We, however, have a request. In the letter Adani Properties expressed the intention “to either by itself or together with other members of the promoter group acquire all the equity shares of the company”. Topics   |  A+A A-, Adani Group Chiarman, Gautam Adani (File Photo| Reuters). Unlimited access to all the content on any device through browser or app. It is shocking that the promoters are now (in June 2020 in the midst of the COVID-19 pandemic) proposing delisting of the shares of Adani Power at a time when the share price is languishing at around Rs.38 per share. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. The company has announced the floor price of a share at Rs 33.82 to buy 96.53 crore shares with the public for about Rs 3,264 crore. The Adani Power board on June 3 will also discuss the appointment of a merchant banker registered with SEBI for carrying out due diligence as required in terms of Regulation 8(1A)(ii) of the SEBI Delisting Regulations. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. Help us delete comments that do not follow these guidelines. Adani Power issued a notice for voluntary delisting of equity shares of the company from BSE Limited and National Stock Exchange of India Limited, a regulatory filing stated.The board of Adani Power had approved the proposal to delist company shares from stock exchanges on Monday. The decision on this will be taken in the next board meeting of the company. 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Post . –IANS. Support quality journalism and subscribe to Business Standard. To cancel, communicate from your registered email id and send the mail with the request to, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email). Adani Power Ltd on Monday gave the final nod to its voluntarily delisting of equity shares at Rs 33.82 which is 10 per cent less than its previous closing of Rs 38 on Friday. New Delhi, June 22. New Delhi: The board of Adani Power has given its nod to the delisting proposal floated by the promoter group, Adani Group said in a regulatory filing to the stock exchanges on Monday. Adani Power on Friday said it has received shareholders' approval for its Rs 3,264-crore delisting proposal. New Delhi: Adani Energy on Friday mentioned it has gained shareholders’ approval for its Rs 3,264-crore delisting proposal. Adani Power surged 7.69percent to Rs 39.20 after the company said its board will meet on 3 June 2020 to consider a proposal to delist equity shares from the domestic stock exchanges. Adani Power found investors salute for its own Rs 3,264 crore delisting proposition with mail election. The board of Adani Power … Adani Power Ltd on Monday gave the final nod to its voluntarily delisting of equity shares at Rs 33.82 which is 10 per cent less than its previous closing of Rs 38 on Friday. The board of Adani Power had approved the proposal to delist company shares from stock exchanges last ... Key stories on business-standard.com are available to premium subscribers only. The Adani Power board on June 3 will also discuss the appointment of a merchant banker registered with SEBI for carrying out due diligence as required in terms of Regulation 8(1A)(ii) of the SEBI Delisting Regulations. "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. Last month, Adani Power had issued a notice for voluntary delisting of equity shares of the company from BSE Limited and National Stock Exchange of India Limited. To cancel, communicate from your registered email id and send the email with the cancellation request to. Pick 5 of your favourite companies. 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The company has announced the floor price of a share at Rs 33.82 to buy 96.53 crore shares with the public for about Rs 3,264 crore. It could also be seen as a strategic move to reward shareholders and have better … “…(delisting) resolution as established out in the observe […] The company has worked out the floor price of Rs 33.82 per share to buy 96.53 crore equity shares with the public for about Rs 3,264 crore. "...(delisting) resolution as set out in the notice has been passed with the requisite majority on July 23, 2020, being the last date specified for remote e-voting," a regulatory filing stated. Power is new sector as people move away from Oil to Electricity. 37.80, making delisting an affordable option for promoters. Facebook Twitter LinkedIn WhatsApp Telegram Share via Email. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. 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