Promoter group proposes delisting of shares of Adani Power Ltd from stock exchanges

Adani Power Ltd has received letter dated May 29, 2020 (the "Delisting Proposal Letter") from Adani Properties Private Limited ("APPL"), a member of the promoter and promoter group of the Company (as defined under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. 2018) (the "Promoter Group").

In the Delisting Proposal Letter, APPL has expressed its intention either by itself or together with other members of the Promoter Group as the case may be to: (a) acquire all the equity shares of the Company, each equity share having face value of INR 10 (Indian Rupee Ten only) ("Equity Shares") held by the public shareholders of the Company (as defined under the SEBI Delisting Regulations) (the "Public Shareholders"), subject to receipt of all necessary approvals, including relevant third party consents (the "Delisting Offer"); and (b) if the Delisting Offer is successful, voluntarily delist the Equity Shares of the Company from BSE Limited and National Stock Exchange of India Limited (the "Stock Exchanges"). where they are currently listed. each in accordance with the SEBI Delisting Regulations (the "Delisting Proposal").

As of the date of this letter. the Promoter Group collectively. holds 289,16,12,567 (two hundred and eighty-nine crore sixteen lakh twelve thousand five hundred and sixty-seven) Equity Shares of the Company representing 74.97% of the paid-up equity share capital of the Company. The Public Shareholders hold 96,53,26,374 (ninety-six crore fifty-three lakh twentysix thousand three hundred and seventy-four) Equity Shares which corresponds to 25.03% of the paid-up equity share capital of the Company.

Shares of ADANI POWER LTD. was last trading in BSE at Rs.36.4 as compared to the previous close of Rs. 36.05. The total number of shares traded during the day was 904371 in over 2208 trades.

The stock hit an intraday high of Rs. 37.25 and intraday low of 35.6. The net turnover during the day was Rs. 33068931.

Source : Equity Bulls

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