Adani Power board will consider a proposal to delist its entire equity shares from the BSE and NSE in its meeting scheduled on Wednesday. Mumbai: The board of Adani Power NSE 1.91 % has approved delisting of its shares at a floor price of Rs 33.82 a piece, which is almost 11 per cent … Adani Power on Friday said it has received shareholders' approval for its Rs 3,264-crore delisting proposal. "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. Adani Power's board at its meeting held on 22 June 2020 approved voluntary delisting of shares of the company from the stock exchanges. 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. 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. The board of Adani Power had approved the proposal to delist company shares from stock exchanges last month. ITR 2019-20: Income tax refund not received yet? You are now subscribed to our newsletters. Register Now! 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. 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. The merchant banker appointed by the board earlier in June had stated in its report that "the delisting proposal is in interest of shareholders of the company". Adani Power has lost 39% of its market value so far in 2020. As of March, 25.03% of the company was held by public shareholders, primarily by foreign portfolio investors and overseas corporate bodies. 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. 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. 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. rrb/sn/vd Copyright © e-Eighteen.com Ltd All rights resderved. Adani Power registered a profit before tax of Rs 2893 crore during the second quarter of the current financial year ending September 2020. Ideas For Profit | Bharat Dynamics: Do robust order book, compelling valuations make it a good bet? "...(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. Shares of Adani Power on the BSE on Friday closed at Rs 36.40, higher by 0.97 per cent from its previous close. The shares fell nearly 3% following the news. The company has said delisting will enhance the company's operational, financial and strategic flexibility including its ability to undertake corporate restructurings, acquisitions, exploring new financing structures. The board of Adani Power has approved a proposal to delist company shares from bourses, the Adani group firm said on Monday. Spokeswomen for Oracle and Diageo did not immediately reply to the emails seeking comments. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. –IANS. New, May 31 (PTI) Adani Power board will consider a proposal to delist its entire equity shares from the BSE and NSE in its meeting scheduled on Wednesday. The Company has informed that after the receipt of the due diligence report from the merchant banker, the board will again meet to discuss the delisting proposal in detail. New Delhi: Adani Power on Monday said that its board has approved the proposal to delist the company's equity shares from stock exchanges. Covid-19 vaccine: Punjab CM says he will get himself inoculated in next phase, Covid-19 vaccination in India Day 1: Over 1.6 lakh people inoculated, 3,351 sessions held, says govt, COVID-19 vaccination Day 1: 'Tremendous relief', says health minister, Covid-19: Russia to resume air travel with India, 3 other countries from 27 Jan, The shares fell nearly 3% following the news. 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. On Monday, Adani Power shares surged 10% as Gautam Adani declared that he plans to delist his group's power utility, Adani Power close on the heels of Anil Agarwal announcing the delisting plans of Vedanta Ltd. Adani Power promoters intend to buy back all shares of the company and delist it from the bourses. They later recovered some losses and were at. Earlier in May, the APPL had proposed the delisting of the company from stock exchanges. Adani Power in July this year received the shareholders' nod for its Rs 3,264 crore delisting proposal. 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In a major development, Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. Adani Power board approves delisting of shares On Monday, APL said that the merchant banker’s report had said that the proposal was in the interest of … Adani Power share price gained nearly 10% today after the firm said it would consider delisting of its stock from the bourses during its board meeting scheduled on Wednesday. Adani Power board to consider delisting from BSE, NSE on Wednesday The company has received letter on May 29. The report had also stated that the company is in compliance with applicable provisions of securities law for delisting. DALLAS, Texas – The latest ranking of global solar companies by Mercom Capital ranks the Adani Group as the #1 global solar power generation asset owner in terms of operating and off-taker contracted solar projects. Among the non-essential services ordered to be closed, effective at midnight Thursday, are tattoo, hair and nail salons, as well as gyms and in-person dining. Here are ways to check status. Adani Power on Friday said it has received shareholders' approval for its Rs 3,264-crore delisting proposal. The company had suffered a … Looks like you have exceeded the limit to bookmark the image. Adani Power board has appointed a merchant banker to finalise its delisting plan, the company informed the bourses on Wednesday. Mumbai: Billionaire Gautam Adani plans to delist his group’s power utility, Adani Power NSE 0.70 % close on the heels of Anil Agarwal announcing the delisting plans of Vedanta Ltd. NSE -0.62 % Adani Power promoters intend to buyback all shares of the company and delist it from the bourses. 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. Here’s how you can verify job offers, COVID-19 vaccine update: Dr Reddy's gets DCGI nod to conduct phase-3 trial of Sputnik V, Webinar Presented by Knowlarity & Freshworks. Join us on Jan 21, 22 and 23, 2021 at the ANYBODY CAN TRADE 360° LIVE virtual event. Public shareholders hold 96,53,26,374 equity shares, which correspond to 25.03 per cent of the paid-up equity share capital. The company has worked … Disclaimer : The views expressed in the forum are the views of the user writing the post, and not that of moneycontrol.com.You agree, by accessing this forum, that moneycontrol.com bears no liability for any posts on this forum or, any losses suffered by following any advice posted on this forum.moneycontrol.com operates this real time, open, unmoderated, private forum for users to … They later recovered some losses and were at ₹37.80, down 0.53% on the BSE. Your session has expired, please login again. Adani Power board will consider a proposal to delist its entire equity shares from the BSE and NSE in its meeting scheduled on Wednesday. Shares of Adani Power rose 10 per cent to Rs 40 on the BSE on Monday after the Gautam Adani- promoted electric utilities company said its board will meet to consider delisting the company from the stock exchanges. or medium without express writtern permission of moneycontrol.com is prohibited. The promoter group collectively holds 2,89,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital. In case you can’t find any email from our side, please check the spam folder. In an exchange notification after the board meeting, the company said the floor price of ₹33.82 was arrived at in accordance with "Regulation 15(2) of the SEBI Delisting Regulations read with Regulation 8 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011". Click here to read the Mint ePaperMint is now on Telegram. 172@29@17@102!~!172@29@0@53!~!|news|business|markets|adani-power-gets-shareholders-nod-for-delisting-5595321.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false, After long journey, Fiat Chrysler and PSA seal merger to become Stellantis, RBI likely to propose stricter rules for shadow banks, TRP scam: Ex-CEO Partho Dasgupta of BARC hospitalised, PM Modi launches India’s massive COVID-19 vaccination drive, Phishing alert! 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. The company has announced delisting of shares at a floor price of ₹ 33.82 Major price swings over the past two months in the stock of Adani Group's power … The billionaire-Gautam Adani led company said its board has taken on record the delisting proposal letter and has appointed Vivro Financial SeNices Private as the merchant banker. A few days back Billionaire Gautam Adani led Adani Power announced its intention to delist the company’s shares from Indian stock exchanges with its promoter firm Adani Properties, proposing to buy out the company’s publicly listed shares. Adani Power’s board of directors had approved the delisting proposal by group company Adani Properties Pvt Ltd. Last month, Adani Power, a private-sector power generation and distribution company, informed stock exchanges that its board of directors would consider a proposal at its next meeting to voluntarily delist its shares. Reports suggest that promoter are willing to delist the company that means they will buy 25% shares which public hold. Adani Power board on Monday approved the proposal to delist the company’s equity shares from stock exchanges. Join Mint channel in your Telegram and stay updated with the latest business news. Adani Power will be 90 when it will be opened for delisting in Q4. Oops! Adani Power has proposed delisting at ₹33.82 per share, which is at a discount of 10% over the closing price on June 19. Log in to our website to save your bookmarks. At the time of approving delisting proposal last month, the board had also "took on record the letter dated June 22, 2020 from APPL informing that as per the certificate dated June 22, 2020 issued by Dharmesh Parikh & Co. Chartered Accountants Rs 33.82 is the floor price per equity share". Once the official delisting proposal is … It had also placed on record that APPL (Adani Properties Private Ltd) and other members of the Promoter Group or their related entities are in compliance with delisting regulations". The board of Adani Power had approved the proposal to delist company shares from stock exchanges on Monday. County Judge Ricardo Samaniego announced the measure during a virtual news conference Thursday, Oct. 29. The company has a power generation capacity of 12,410 megawatts across six states in India. 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. It'll just take a moment. “Delisting is … Copyright © HT Digital Streams Limited All rights reserved. Promoter hold 75% shares in adani power. The Adani Group’s power arm, Adani Power has announced the appointment of Vivro Financial Services as the merchant banker to evaluate its proposal of delisting its equity shares from BSE and NSE. 12.20 AM Dec 16th We take the quality of the messages posted on forum as seriously as our articles. In the last 12 months, Adani Power’s share price has halved from a high of ₹73.75, making delisting by the promoter group an attractive and affordable option. Remove some to bookmark this image. Post-COVID-19 Job market | Hiring rises across board, digital roles see high demand: Report, A mix of pride and doubts as PM Modi launches India’s COVID-19 vaccine drive, Global COVID-19 death toll crosses 2 million, Timeline: How India prepared for the massive COVID-19 vaccination drive, Adani Power gets shareholders' nod for delisting. The board had approved the proposal after evaluating report of merchant banker Vivro Financial Services Ltd. NEW DELHI : The board of Adani Power has approved a proposal to delist company shares from stock exchanges, the Adani group firm said … Copyright © e-Eighteen.com Ltd. All rights reserved. Explained | Can US President Donald Trump’s impeachment drag down Wall Street? 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. On May 29 Diageo did not immediately reply to the emails seeking.... From our side, please check the spam folder at its meeting held on 22 June 2020 voluntary. Thursday, Oct. 29 app is mandatory for vaccination, says health ministry ; Delhi extends COVID for. During a virtual news conference Thursday, Oct. 29 impeachment drag down Wall Street per the... Current financial year adani power delisting news September 2020 limit to bookmark the image and Diageo did immediately! Forum as seriously as our articles the emails seeking comments has approved a to. 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