“As of the date of this letter, the Promoter Group collectively holds 289,16,12,567 equity shares of the company representing 74.97 per cent of the paid-up equity share capital of the company. Last month, Adani Power had issued a notice for voluntary delisting of equity shares of the company from BSE Limited and National Stock Exchange of India Limited. Adani Power Ltd. shares gained as much as 9.8% on Monday after the company said it will consider delisting of its shares from the exchanges during its board meeting scheduled on Wednesday. newindianexpress.com reserves the right to take any or all comments down at any time. Instead, the Board had appointed a merchant banker to evaluate a proposal and conduct all due diligence. Anil Sardana, managing director and CEO, Adani Transmission ltd and MD-thermal at Adani Power in a media call on Thursday said the deslisting process of Adani Power is in process. Another is a HVDC system which will add another 1,000 Mw supply to Mumbai. Share delisting is the removal of a listed … Home >Companies >News >Adani Power board approves ₹ 3,264 crore delisting plan The company has worked out the floor price of ₹ 33.82 per share to buy 96.53 crore equity shares … New Delhi, Jul 24 (PTI) Adani Power on Friday said it has received shareholders'' approval for its Rs 3,264-crore delisting proposal. Last Updated at November 6, 2020 10:16 IST. Overall, the proposal includes delisting of 96.53cr equity shares with the public for approximately Rs3,264cr. Adani Power To Consider Voluntarily Delisting From Exchanges And this effort of buying out public stake in the company shall be carried out by the company's promoter firm Adani Properties Pvt. Investors have lost more than 60% since the IPO price of Rs.100 per share … ALSO READ: Adani's Australia coal unit back in the spotlight after name change. Adani Power registered a profit before tax of Rs 2893 crore during the second quarter of the current financial year ending September 2020. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. At current prices, the stock looks highly overvalued and … Adani Power board approves delisting of shares On Monday, APL said that the merchant banker’s report had said that the proposal was in the interest of … Topics According to data on the stock exchanges, the promoter group collectively holds 289,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital, while public shareholders control the rest of the 25.03 per cent. Other lenders would also approve. This will add 1,000 Mw. Adani Power has a power generation capacity of 12,410 megawatts across six states in India. Mumbai: The board of Adani Power has approved delisting of its shares at a floor price of Rs 33.82 a piece, which is almost 11 per cent lower than share closing price on the bourses on Friday. Consequently, it said that its Board had approved “the delisting proposal and consequent voluntary delisting of equity shares of the company from stock exchanges subject to receipt of approvals.”. Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. What is the Delisting of shares? In such a scenario, Adani Power seems to have fallen off the radar of investors, said a trader. Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. Disclaimer : We respect your thoughts and views! Mumbai: The Board of Adani Power will meet on June 3 to discuss on the delisting of company's shares from the stock exchanges. Thousands gather in Haridwar, Mohanlal to Dulquer Salmaan, Malayalam filmstars thank CM Pinarayi Vijayan for 'standing with movie industry', India vs Australia: Indian fans are fuming on Twitter after drawn Sydney Test, these are the reasons. Published: 22nd June 2020 08:05 PM  |   Adani Power's delisting proposal is set at a floor price of Rs33.82 per share. The company had suffered a … The board of Adani Power had approved the proposal to delist company shares from stock exchanges last month. "Meeting of board of directors of Adani Power to be held on June 3, 2020 to consider the proposal for voluntary delisting of the equity shares of the … Try to avoid outside hyperlinks inside the comment. The company had suffered a loss of Rs 633 crore in the first quarter. Adani Power | Q2 results | Delisting of shares, Shreya Jai  |  The company has worked out the floor price of an equity share of Rs 33.82 to buy 96.53 crore scrips with the public for about Rs 3,264 crore. Promoters of the company hold 74.9% stake in the company. The company will now seek its shareholders nod on the proposal through a postal ballot, the company said in an exchange filing. Adani Power approves delisting of equity shares at Rs 33.82 It informed exchanges that the delisting proposal of May 29 was approved in the board of directors meeting. The board of Adani Power is scheduled to meet on Wednesday to consider the proposal for voluntary delisting of the equity shares of the company. This project has also been fast tracked. Shares of the company had closed at Rs 38.20 a piece on BSE on Monday, up 0.53 per cent from the previous close. The public shareholders hold 96,53,26,374 equity shares which corresponds to 25.03 per cent of the paid-up equity share capital of the company,” it said. PTI July 24, 2020 / 09:42 PM IST Adani Power has proposed delisting at ₹33.82 per share, which is at a discount of 10% over the closing price on June 19. All the comments will be moderated by the newindianexpress.com editorial. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. “We have received approval from close to six lenders. Follow us for updates, Covid vaccines are here, but don’t be complacent, Tamil Nadu govt doctors' association  recommends Covishield, WhatsApp delays policy update rollout to May 15, Nidhi Razdan, who quit NDTV for teaching at Harvard, says job offer was fake, Dharwad Accident: 11 dead after truck-tempo collision on highway in Karnataka, No COVID in Kumbh Mela? The decision on this will be taken in the next board meeting of the company. APPL had proposed a floor price of Rs  33.82 per share, and would pick up buy 96.53 crore equity shares currently with the public for about Rs  3,264 crore. The proposal had been first introduced by one of APL’s promoter companies — Adani Properties Private Ltd (APPL) — late last month. Adani Mumbai Electricity Limited, which is a wholly owned subsidiary of ATL is one of the power distributors in Mumbai. New Delhi  Mumbai, May 29 (IANS) The Board of Adani Power will meet on June 3 to discuss on the delisting of company’s shares from the stock exchanges. Digital Editor. The views expressed in comments published on newindianexpress.com are those of the comment writers alone. Why is the self-made billionaire seeking delisting of his company's shares? Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. The company said the jump in profit is mainly on account of improved income.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); The total income in the second quarter increased to Rs 8,792.28 crore from Rs 6,815.22 crore a year ago. The country’s financial capital faced a rare power outage on October 12 after a technical issue in the grid system hit power supplies. Adani Power share price gained nearly 10% today after the firm said it would consider delisting of its stock from the bourses during its board meeting scheduled on Wednesday. Adani Power registered a profit before tax of Rs 2893 crore during the second quarter of the current financial year ending September 2020. But we need to be judicious while moderating your comments. For the half year ending September 2020, the company registered a PBT of Rs 2260 crore, During last year corresponding period, its PBT was Rs 36.23 crore. In a regulatory filing, the company said it will seek shareholders nod for delisting on BSE and NSE through a postal ballot. Kindly visit the Manage my subscription page to discover the benefits of this programme. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". It informed exchanges that the delisting proposal of May 29 was approved in the board of directors meeting. The total expenses reduced to Rs 5,898.35 crore from Rs 6,658.44 crore in the year-ago period. New Delhi: Adani Power on Monday said that its board has approved the proposal to delist the company's equity shares from stock exchanges. On Monday, APL said that the merchant banker’s report had said that the proposal was in the interest of the shareholders and that APL was compliant with the requirements needed for delisting. Mumbai Stock Market & Finance report, prediction for the future: You'll find the Adani Power share forecasts, stock quote and buy / sell signals below.According to present data Adani Power's Adani Power Ltd shares and potentially its market environment have been in bearish cycle last 12 months (if exists). MUMBAI: Investors in Adani Power are a disappointed lot as the company's board on Monday set the floor price for delisting of shares at ₹ 33.82 apiece, nearly 11% below the market price. "...(delisting) resolution as set out in the notice has been passed with the requisite majority on July 23, 2020, being the last date specified for remote e-voting," a regulatory filing stated. On Monday, APL said that the merchant banker’s report had said that the proposal was in the interest of the shareholders and that APL was compliant with the requirements needed for delisting. New Delhi: Adani Power on Monday said that its board has approved the proposal to delist the company's equity shares from stock exchanges. The company has worked out the floor price of an equity share of Rs 33.82 to buy 96.53 crore scrips with the public for about Rs 3,264 crore. Addressing the media after results, Sardana said the company is looking forward to the power transmission projects which the central government will offer under tariff based competitive bidding. In a regulatory filing on Friday, Adani Power said that the company has received letter dated May 29 from Adani Properties, a member of its promoter group, whereby Adani Properties … In case of delisting of Adani Power shares, given the low valuations due to market correction in March 2020, it can be considered as an attempt by the promoters to increase their stake at attractive prices. Adani Power Ltd on Monday gave the final nod to its voluntarily delisting of equity shares at Rs 33.82 which is 10 per cent less than its previous closing of Rs 38 on Friday. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. It is shocking that the promoters are now (in June 2020 in the midst of the COVID-19 pandemic) proposing delisting of the shares of Adani Power at a time when the share price is languishing at around Rs.38 per share. Adani Group’s power arm, Adani Power Limited, will delist its shares at a nearly 12 per cent discount from the closing price of the stock on Monday. “Khargar-Vikhroli system which will bring for first time 400 kV supply to the city has been fast forwarded by the authorities. “After the receipt of the due diligence report from the Merchant Banker, the Board will again meet to discuss the Delisting Proposal in detail,” it had said. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Adani Power shares declined up to 5 per cent intraday on Monday, but recovered to close at Rs 38.20 on the Bombay Stock Exchange, up 0.5 per cent. Mumbai: Billionaire Gautam Adani plans to delist his group’s power utility, Adani Power close on the heels of Anil Agarwal announcing the delisting plans of Vedanta Ltd. Adani Power promoters intend to buyback all shares of the company and delist it from the bourses. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. We believe in free, fair and credible journalism. Last Updated: 23rd June 2020 11:49 AM The board of Adani Power had approved the proposal to delist … Your support through more subscriptions can help us practise the journalism to which we are committed. “Adani Group had come out with the IPO of Adani Power in August 2009 at the issue price of Rs.100 per share. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Help us delete comments that do not follow these guidelines. This is in addition to the embedded system of 1,800 Mw,” said Sardana. Adani Power in July this year received the shareholders' nod for its Rs 3,264 crore delisting proposal. Adani Power board to discuss delisting of shares on June 3 Mumbai, May 29 (IANS) The Board of Adani Power will meet on June 3 to discuss on the delisting of company''s shares from the stock exchanges. Enjoy Reading! 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