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 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. "...(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. With this, Adani Power is the second company to announce a delisting this month. On Monday, its shares on the BSE closed at Rs 38.20, higher by 0.53 per cent from its previous close. Shares of the company were trading at Rs 37.85 apiece on BSE in afternoon session, down 0.39 per cent from their previous close. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Support quality journalism and subscribe to Business Standard. This is at a … Adani Power board approves delisting of shares; stock down 3%. In total, Adani needs just 10% further to delist which is easy to manipulate. 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. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. All the comments will be moderated by the newindianexpress.com editorial. 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. newindianexpress.com reserves the right to take any or all comments down at any time. 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. We believe in free, fair and credible journalism. Adani Power has proposed delisting at ₹33.82 per share, which is at a discount of 10% over the closing price on June 19. Post. Adani Power Adani Power board approves delisting of shares from BSE, NSE. –IANS. 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. Adani Power on Friday said it has received shareholders' approval for its Rs 3,264-crore delisting proposal. Delisting price may surprise everyone and may not be on upper end. Instead, the Board had appointed a merchant banker to evaluate a proposal and conduct all due diligence. both from BSE and NSE. 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. 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”. Adani Power on Tuesday sought shareholders nod for its Rs 3,264 crore delisting proposal through postal ballot. In the last 12 months, Adani Power’s share price has halved from a high of ₹73.75 to the current level of ₹37.95, making delisting by the promoter group an attractive and affordable option. The board of Adani Power … With the delisting promoters seek the freedom to restructure their businesses outside the scrutiny of public shareholders and regulators. 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. 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. Adani Power on Tuesday sought shareholders nod for its Rs 3,264 crore delisting proposal through postal ballot. French power company ‘Total SE’ has invested Rs 3,370 crores to form a joint venture with Adani. In case of delisting of Adani Power shares, given the low valuations due to market correction in March 2020, it can be considered as an attempt by the promoters to increase their stake at attractive prices. 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. Your support through more subscriptions can help us practise the journalism to which we are committed. Many eyebrows are raised over Gautam Adani-led Adani Power’s decision to go ahead with the delisting of its shares from stock exchanges.This decision is going to be a huge loss to public investors who constitute around 25% of the total number of shares in Adani Power, which started at Rs.100 in 2009 and reached Rs.137 in 2010 and is currently trading around just Rs.38. Stay on top of your investments. This is at a … Retail shareholders who entered the stock … Help us delete comments that do not follow these guidelines. 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. 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. Adani Power shares gained nearly 9 per cent on Monday after Gautam Adani- promoted electric utilities company said it will consider delisting of … Adani Power board on Monday approved the proposal to delist the company’s equity shares from stock exchanges. APPL had proposed a floor price of Rs  33.82 per share, and would pick up buy 96.53 crore equity shares currently with the public for about Rs  3,264 crore. New Delhi  Ltd. 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. Follow us for updates, Govt postpones national polio immunisation programme from January 17, VJ Asen, 'Chennai Talks' YouTubers held after video on sexuality goes viral, In a first, 8 gorillas test positive for  Covid-19 at US' San Diego park, Bird flu jolts 'Captain Cool' MS Dhoni's Kadaknath chicken farming dream, Rahul Gandhi celebrates Pongal, attends Jallikattu event in Tamil Nadu, Srinagar records coldest night in 30 years, parts of Dal Lake freeze, Mohanlal to Dulquer Salmaan, Malayalam filmstars thank CM Pinarayi Vijayan for 'standing with movie industry', India vs Australia: Indian fans are fuming on Twitter after drawn Sydney Test, these are the reasons. Adani Power has announced the appointment of Vivro Financial Services to evaluate its proposal of delisting its equity shares from BSE and NSE . Adani Power gets shareholders' nod for delisting Earlier in May, the APPL had proposed the delisting of the company from stock exchanges. The proposal had been first introduced by one of APL’s promoter companies — Adani Properties Private Ltd (APPL) — late last month. The board of Adani Power has approved a proposal to delist company shares from bourses, the Adani group firm said on Monday. Enjoy Reading! 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. 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. Major price swings over the past two months in the stock of Adani Group's power arm, Adani Power Limited (APL), have baffled market participants. The board of Adani Power Ltd (APL), a part of the diversified Adani Group, has provided its consent on the proposal for delisting of the company’s equity shares from the stock exchanges i.e. 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. Track the industry of your choice with a daily newsletter specific to that industry. Exclusive content, features, opinions and comment - hand-picked by our editors, just for you. We, however, have a request. Mumbai: Billionaire Gautam Adani 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 buyback all shares of the company and delist it from the bourses. Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Last Updated: 23rd June 2020 11:49 AM Kindly follow our Code of Conduct and refrain from posting any abusive, promotional or gibberish content on forum. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. 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 Adani Power board has approved the proposal after evaluating report of merchant banker Vivro Financial Services Ltd; 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.   |  A+A A-, Adani Group Chiarman, Gautam Adani (File Photo| Reuters). Major price swings over the past two months in the stock of Adani Group's power arm, Adani Power Limited (APL), have baffled market participants. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. 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. “Adani Group had come out with the IPO of Adani Power in August 2009 at the issue price of Rs.100 per share. In a regulatory filing, the company said it will seek shareholders nod for delisting on BSE and NSE through a postal ballot. industry. "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. Post . To cancel, communicate from your registered email id and send the email with the cancellation request to. 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 … Home/COMPANIES IN NEWS/ Adani Power Board Gives Nod for Delisting from Indian ... 0 79 Less than a minute. Investors have lost more than 60% since the IPO price of Rs.100 per share … This product is a monthly auto renewal product. According to data on the stock exchanges, the promoter group collectively holds 289,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital, while public shareholders control the rest of the 25.03 per cent. Written by Lakshmy S Nair Posted on June 3, 2020 June 17, 2020 Less than 0 min read . NEW DELHI: The Board of Directors of Adani Power Ltd (APL) on Monday approved a proposal to delist the company from the stock exchanges. Adani Power | Delisting of shares | BSE NSE, Press Trust of India  |  Adani Green has set a target of 25GW of renewable projects by 2025. Digital Editor. While the proposal had first been taken up by the Board early this month, there had been no final decision taken. “…(delisting) resolution as established out in the observe […] Adani Power gave out a notification for volunteer delisting of equity reveals of the business coming from BSE Limited and also National Stock Exchange of India Limited, a … Adani Power board approves delisting of shares,Mumbai, June 22 (IANS) The board of Adani Power on Monday approved the delisting of its shares from the exchanges at the floor price of Rs 33.82. It could also be seen as a strategic move to reward shareholders and have better … 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. Get a daily email with all the news updates on them. Adani Power net at Rs 2,893 cr in September quarter, to delist by Mar 21...buy only if delisting plan is within or fails. 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