Adani Power okays merger of Growmore with itself

Power utility Adani Power today said its board had approved the amalgamation of Growmore Trade and Investment with the company.

The company did not provide further details about Growmore.

However, it is understood that Growmore is a step-down subsidiary of Adani Power (APL) but this could not be immediately confirmed.

In a filing to the Bombay Stock Exchange, APL said its board had approved the amalgamation of Growmore with itself. The green signal was given by the board's merger committee during their meeting today.

As part of amalgamation, 16,615 equity shares of Adani Power of Rs 10 each, would be swaped for every 10,000 ordinary share of Growmore of $1 each.

"After the scheme being effective, on the basis of above referred share swap ratio, about 21.32 crore equity shares of Rs 10 each will be issued," the filing noted.

Shares of the company closed marginally up at Rs 110.50 on the Bombay Stock Exchange.