Adani Power board to discuss delisting of shares on June 3

Adani Power board to discuss delisting of shares on June 3

Mumbai, May 29 (IANS) The Board of Adani Power will meet on June 3 to discuss on the delisting of company’s shares from the stock exchanges.

In a regulatory filing on Friday, Adani Power said that the company has received letter dated May 29 from Adani Properties, a member of its promoter group, whereby Adani Properties has expressed its intention, to acquire all equity shares of the Adani Power held by its public shareholders, either by itself or together with other members of the Promoter Group.

“As of the date of this letter, the Promoter Group collectively holds 289,16,12,567 equity shares of the company representing 74.97 per cent of the paid-up equity share capital of the company. The public shareholders hold 96,53,26,374 equity shares which corresponds to 25.03 per cent of the paid-up equity share capital of the company,” it said.

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.

Shares of Adani Power on the BSE on Friday closed at Rs 36.40, higher by 0.97 per cent from its previous close.

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