The board of Adani Power has approved a proposal to delist company shares from stock exchanges, the Adani group firm said on Monday.
The company has worked out the floor price of ₹33.82 per share to buy 96.53 crore equity shares with the public for about ₹3,264 crore.
In a regulatory filing, the company said it will seek shareholders nod for delisting from BSE and National Stock Exchange through a postal ballot.
The board, “granted approval… to the delisting proposal and consequent voluntary delisting of equity shares of the company from stock exchanges subject to receipt of all necessary approvals as may be required for delisting proposal, after having discussed and considered various factors and the report”, the filing said.
The board approved the proposal after evaluating report of merchant banker Vivro Financial Services Ltd.
The merchant banker appointed by the board earlier this month, stated in its report that “the delisting proposal is in interest of shareholders of the company.”
The report also stated that the company is in compliance with applicable provisions of securities law for delisting.
It 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.”
Earlier later last month, the APPL had proposed the delisting of the company from stock exchanges.
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.
Public shareholders hold 96,53,26,374 equity shares, which corresponds to 25.03 per cent of the paid-up equity share capital.
The board 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 ₹33.82 is the floor price per Equity Share.”
Shares of the company were closed at ₹38.20 a piece on BSE on Monday up 0.53 per cent from the previous close.
