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Adani Power gains as shareholders approve delisting plan

Capital Market 

Adani Power rose 1.57% to Rs 35.55 after the company received approval from its shareholders for its delisting proposal.

In a BSE filing made after market hours on Friday (24 July 2020), the company said that the votes casted by the members in favour of the resolution were more than 75% of the total votes casted. The facility of e-voting remained open from 24 June 2020 to 23 July 2020.

It further added that the votes casted by the Public Shareholders in favour of the resolution is more than the two times of the number of votes casted as against by the Public shareholders.

Therefore, the proposed resolution may be declared as passed as Special Resolution under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009.

On 29 May 2020, Adani Power had 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.

Adani Power's board at its meeting held on 22 June 2020 approved voluntary delisting of shares of the company from the stock exchanges. The company has worked out the floor price of Rs 33.82 per share.

The promoter group collectively held 289.16 crore equity shares or 74.97% stake while the public shareholders owned 96.53 crore shares or 25.03% stake in the company as on 30 June 2020.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 27 2020. 09:17 IST