Adani Power slips after board approves delisting of shares

Adani Power shed 0.92% to Rs 37.65 after the board approved the proposal to voluntarily delist shares at a floor price of Rs 33.82 per share.

The company's board at the meeting held today (22 June) approved voluntary delisting of shares of the company from the stock exchanges at a floor price of Rs 33.82 per share.

On 29 May 2020, the company received a proposal from Adani Properties (APPL), a member of the promoter and promoter group of the company, for voluntary delisting the equity shares of the company from BSE and NSE.

The promoter group collectively held 74.97% stake while the public shareholders held 25.03% stake in the company as on 29 May 2020.

The scrip's delisting floor price is near its 50-day daily simple moving average place at 33.97.

The company reported a consolidated net loss of Rs 1,312.90 crore in Q4 March 2020 as against net profit of Rs 634.64 crore in Q4 March 2019. Net sales fell 8.17% to Rs 6,172.43 crore in Q4 FY20 over Q4 FY19.

Adani Power is engaged in providing electric power generation by coal-based thermal power plants and coal trading.

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