Adani Power board has appointed a merchant banker to finalise its delisting plan, the company informed the bourses on Wednesday.
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.
“After the receipt of the due diligence report from the merchant banker, the board will again meet to discuss the delisting proposal in detail,” the company said.
The Adani group announced its intention to delist its power utility last week, following Anil Agarwal announcing the delisting plans of Vedanta.
Adani Power has a power generation capacity of 12,410 megawatts across six states in India.
Promoters of the company hold 74.9% stake in the company.
Shares of the company closed at Rs 37.70 on the Bombay Stock Exchange on Wednesday, having almost declined to its year’s high of Rs 73.75 that was touched in November last year.