Company has listed offer price of INR 33.82 per share. 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. Headquartered at Ahmedabad in Gujarat, Adani Power Limited is the power business subsidiary of Indian conglomerate Adani Group. Telephone: +91 22 61013800/18 | Email: email@example.com | © Copyright 2021 Equentis Wealth Advisory Services Pvt. Once the official delisting proposal is … Several Indian companies are considering going private as stock valuations remain depressed. The coming days are not going to be hay days for neither Adani nor the entire power industry. The board of Adani Power has taken on record the delisting proposal letter and has appointed Vivro Financial Services Private as the merchant banker, reported the Economic Times. What is the voluntary delisting of shares? Adani Power on Friday informed the exchanges it had received a delisting proposal from Adani Properties, which is a member of the promoter and promoter group. – Research & Ranking, Which Are The Best Books to Read and Learn About Indian Stock Markets? There is a buzz in the stock market that after Vedanta, Adani Group is planning to delist Adani Power from the bourses. Promoters of the company hold 74.9% stake in the company. Overall, the proposal includes delisting of 96.53cr equity shares with the public for approximately Rs3,264cr. Make a public announcement through newspapers with detailed explanation and justification for the proposed delisting. Involuntary delisting: The delisted company, whole-time directors, promoters and group firms get debarred from accessing the securities market for 10 years from the date of compulsory delisting. In Reply to : Aaarkaay on | Adani Power will be 90 when it will be o.. 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. What is … –IANS. Shares of Adani Power on the BSE on Friday closed at Rs 36.40, higher by 0.97 per cent from its previous close. Apollo Hospital 1,777.10 88.2. Obtain a prior approval of shareholders by a special resolution passed at its general meeting. What Is Meant By Delisting? In such a scenario, Adani Power seems to have fallen off the radar of investors, said a trader. Holders of securities in the region given exit opportunity, promoters make arrangement to buy securities of such holders. With the delisting promoters seek the freedom to restructure their businesses outside the scrutiny of public shareholders and regulators. According to Taxguru.in, corporates are now aiming at reducing costs, which do not have any returns. voluntary delisting or involuntary delisting. Registered Name: Equentis Wealth Advisory Services Private Limited Watch a complete video on our webinar on 'Investing In The Post Covid-19 World. Adani Power on Tuesday sought shareholders nod for its Rs 3,264 crore delisting proposal through postal ballot. Promoters hold 74.9 per cent in the company. This price is currently at a discount to the current market price of INR 35. Adani Power promoters intend to buyback all shares of the company and delist it from the bourses. NEW DELHI : The board of Adani Power has approved a proposal to delist company shares from stock exchanges, the Adani group firm said on … New Delhi: Adani Power on Monday said that its board has approved the … Each share has … Overall, the proposal includes delisting of 96.53cr equity shares with the public for approximately Rs3,264cr. To be fair to the investors, the rule is that in such circumstances, the promoters of the delisted companies are required to purchase the shares from public shareholders as per the fair value determined by the independent valuer. Kingfisher Airlines, Brandhouse Retails, Elder Pharmaceuticals and Varun Industries are some well-known examples of the companies whose shares were involuntarily delisted in the last few years. Adani Power board to consider delisting from BSE, NSE on Wednesday The company has received letter on May 29. Recently, we have heard about companies like Vedanta, Adani Power, Hexaware Technologies,etc planning to delist their shares from stock exchange. In the delisting proposal letter, Adani Properties, promoter of Adani Power, expressed its intention to buy all equity shares of the company held by public shareholders. Company will call for a board meeting after giving written notice to all board members. 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. Purchase price
6. The board has subsequently granted approval to the delisting proposal and consequent voluntary delisting of the equity shares of Adani Power in accordance with SEBI Delisting … From a shareholder’s perspective, a company which is delisting its shares voluntarily will keep its shareholders informed at different stages. Filing of forms with Registrar of companies
In May, the Gautam Adani-led group had announced its intention to delist its power utility, soon after industrialist Anil Agarwal announced the delisting plans of Vedanta. What this means. 12.20 AM Dec 16th. The board of Adani Power has taken on record the delisting proposal letter and has appointed Vivro Financial Services Private as the merchant banker, reported the Economic Times. 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. These mutual funds have our hard earned money and they will sell the stock at loss for their vested interest and that will affect our mutual funds nav, which we have in these fund houses. 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