The promoter and promoter group own 74.97 per cent of the voting rights in Adani Power. 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. Tomorrow is different. Choose your reason below and click on the Report button. Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. Mumbai: Billionaire Gautam Adani plans to delist his group’s power utility, Adani Power NSE 0.70 % close on the heels of Anil Agarwal announcing the delisting plans of Vedanta Ltd. NSE -0.62 %. I am reading very absurd comments. The report also stated that the company is in compliance with applicable provisions of securities law for delisting. The board of Adani Power had approved the proposal to delist company shares from stock exchanges last month. The company has worked out the floor price of Rs 33.82 per share to buy 96.53 crore equity shares with the public for about Rs 3,264 crore. In total, Adani needs just 10% further to delist which is easy to manipulate. The … The board of Adani Power has approved a proposal to delist company shares from bourses, the Adani group firm said on Monday. The merchant banker appointed by the board earlier this month, stated in its report that "the delisting proposal is in interest of shareholders of the company.". If you are a shareholder, the promoter will have to buyback the minority shareholders shares to delist. Shares of the company were closed at ₹38.20 a piece on BSE on Monday up 0.53 per cent from the previous close. The promoter group collectively holds 2,89,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital. Note the promoter already holding almost 75%, it is more in their interest that share price does well. Adani Power board on Monday approved the proposal to delist the company’s equity shares from stock exchanges. 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. Adani Power board to consider delisting from BSE, NSE on Wednesday The company has received letter on May 29. –IANS. The board of Adani Power on Monday approved the delisting of its shares from the exchanges at the floor price of Rs 33.82. Sharp Insight-rich, Indepth stories across 20+ sectors, Access the exclusive Economic Times stories, Editorial and Expert opinion, Mirae Asset Emerging Bluechip Fund Direct-Growth, ICICI Prudential Bluechip Fund Direct-Growth. The offer to delist will increase the price of the share. 37.80, making delisting an affordable option for promoters. In the last 12 months, share prices of Adani Power fell from a high of Rs. 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 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. Looks like you have exceeded the limit to bookmark the image. Earlier later last month, the APPL had proposed the delisting of the company from stock exchanges. Adani Power promoters intend to buyback all shares of the company and delist it from the bourses. Let's reshape it today, Hunt for the brightest engineers in India, Read Stock Insights by ET for a quick analysis. On Monday, Adani Power shares surged 10% as Gautam Adani declared that he 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 buy back all shares of the company and delist it … Adani Power’s Board will meet on June 3, to consider the proposal for voluntary delisting of the equity shares of the Company received from Adani Properties Private Limited, the company said. “Many of these cases (of proposed delisting) may be due to the prevailing market price, which is half the book. You are now subscribed to our newsletters. The initial months of the financial year 2021 (FY21) saw a slew of delisting offers announced by India Inc. Vedanta and Adani Power announced their delisting proposals in May while Hexaware and Allcargo made the announcements in June and August, respectively. Expected much better from Adani Group. Sebi must modify rules to protect at least a capital of small shareholders. Confidence building takes years and with this type of maneuver retail investors feel powerless. Final delisting prices are determined by a reverse book-building process and require approval from at least 90% of shareholders. Efforts on to augment power supply to Mumbai, says MD-CEO Anil Sardana The board also "took on record the letter dated June 22, 2020 from APPL informing that as per the certificate dated June 22, 2020 issued by Dharmesh Parikh & Co. Chartered Accountants ₹33.82 is the floor price per Equity Share.". There was a huge cry that Opal is Adani Shell company in 2012. NEW DELHI : The board of Adani Power has approved a proposal to delist company shares from stock exchanges, the Adani group firm said on Monday. Retail shareholders who entered the stock at high prices, however, would be the biggest losers. Adani Power shed 0.92percent to Rs 37.65 after the board approved the proposal to voluntarily delist shares at a floor price of Rs 33.82 per share. SEBI should have some strong rules not to allow companies to get delisted for some flimsy reasons & benifitting from the down trend. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Power is new sector as people move away from Oil to Electricity. Delisting price may surprise everyone and may not be on upper end. SEBI should take note of this & create rules/laws on opportunistic delisting. With the delisting promoters seek the freedom to restructure their businesses outside the scrutiny of … In the last 12 months, Adani Power’s share price has halved from a high of ₹73.75 to the current level of ₹37.95, making delisting by the promoter group an attractive and affordable option. Shares of Adani Power dropped over 3 per cent in Monday’s trade after the board approved the proposal to voluntarily delist shares at a floor price of Rs 33.82, which is 11 per cent lower than the previous close. Hope action is taken on companies like Vedanta & Adani Power. Join Mint channel in your Telegram and stay updated with the latest business news. New Delhi: The board of Adani Power has given its nod to the delisting proposal floated by the promoter group, Adani Group said in a regulatory filing to the stock exchanges on Monday. Download The Economic Times News App to get Daily Market Updates & Live Business News. The Adani Power board on June 3 will also discuss the appointment of a merchant banker registered with SEBI for carrying out due diligence as required in terms of Regulation 8(1A)(ii) of the SEBI Delisting Regulations. The board, "granted approval... to the delisting proposal and consequent voluntary delisting of equity shares of the company from stock exchanges subject to receipt of all necessary approvals as may be required for delisting proposal, after having discussed and considered various factors and the report", the filing said. For reprint rights: Small Share holders are feeling duped. 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. If you do not want to sell your shares at offer price, you have a choice. Your session has expired, please login again. Oops! Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. Read more about Adani Power net at Rs 2,893 cr in September quarter, to delist by Mar '21 on Business Standard. Your Reason has been Reported to the admin. rrb/sn/vd Adani Power Delisting: The stock has declined nearly 4% since May 29. +Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. In June the Promoter has told his desire for voluntary delisting for a price tentativeely told.At that time the Results were not good.But now q2 Results were Amazing Rs.2200 crores after tax.So the Scenerio has changed dramatically now.In q4 it will increase.So if at all delisting arises price should be fixed anywhere around Rs.150 only. Adani Power has worked out a floor price of Rs 33.82 per share to buy 96.53 crore … Adani Gas, Adani Transmission, Adani Ports and SEZ, Adani Green Energy, and Adani Enterprises are the other listed companies of the conglomerate. In a major development, Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. Adani Power has proposed delisting at ₹33.82 per share, which is at a discount of 10% over the closing price on June 19. Going Reliance Power way, where almost entire capital has been lost by Shareholders. Inciting hatred against a certain community, 15 The company has announced the floor price of a share at Rs 33.82 to buy 96.53 crore shares with the public for about Rs 3,264 crore. The board of Adani Power has approved a proposal to delist company shares from stock exchanges, the Adani group firm said on Monday. HDFC Bank reports 18% growth in Q3 profit, recasts 0.5% of loan book, Enterprise tech startups among big winners in recent VC deals, Snapdeal terms USTR report placing it on Notorious Markets List 'ill-informed', Public shareholders hold 96,53,26,374 equity shares, which corresponds to 25.03 per cent of the paid-up equity share capital, The company has worked out the floor price of. ... Adani Power's delisting proposal is set at a floor price of Rs33.82 per share. Adani Power's share price has halved in the last twelve months from a high of Rs 73.75 to the current level of Rs 37.95. This will alert our moderators to take action. 73.75 to the current level of Rs. Days Trial. Click here to read the Mint ePaperMint is now on Telegram. Or if they want to delist at any cost, then they should pay minimum IPO price all the years they have benifited by IPO price & created a company which the promoters only will get benifits so A substantial premium amount also should be given above the IPO price. That compares with the BSE Power Index’s 5% gain during the same period. Purchased in 2009 at 100/- now after 11 years getting only 35/-. The company has announced delisting of shares at a floor price of ₹ 33.82 Major price swings over the past two months in the stock of Adani Group's power … Public shareholders hold 96,53,26,374 equity shares, which corresponds to 25.03 per cent of the paid-up equity share capital. The share price of Gautam Adani’s energy utilities firm was trading at Rs 42.2 per share before falling to Rs 38.8 apiece. "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 company received from Adani Properties and related matters incidental thereto," the company said in a regulatory filing. It'll just take a moment. Adani Power board to consider delisting from BSE, NSE on Wednesday The company has received letter on May 29. Days Trial The Chairman of Adani Power is an opportunist.During the time of downtrend of Share market,he is taking advantage of low share prices & getting Company delisted, wherein the only persons benifitting are the promoters. At around 12.09 PM, the Adani Power stock was performing at Rs35.35 per piece higher by 1% on Sensex. The Economic Times Digital Payments Forum, Which investment approach really suits you? No one is snatching shares from you. 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The company has worked out the floor price ... of the SEBI Delisting Regulations as well as any other regulatory approval as may be required in relation to the delisting proposal. The board approved the proposal after evaluating report of merchant banker Vivro Financial Services Ltd. Why follow tips? Log in to our website to save your bookmarks. Adani Power surged 7.69percent to Rs 39.20 after the company said its board will meet on 3 June 2020 to consider a proposal to delist equity shares from the domestic stock exchanges. Shares of Adani Power on the BSE on Friday closed at Rs 36.40, higher by 0.97 per cent from its previous close. The only question should be if the company has been run well from ipo date till date to command good valuation. NEW DELHI : 15 Choose your winners rationally in 3 simple steps! Adani needs 15% stake and holds 5% already through Opal Investment Pvt Ltd. Copyright © HT Digital Streams Limited All rights reserved. The company has worked out the floor price of ₹33.82 per share to buy 96.53 crore equity shares with the public for about ₹3,264 crore. It also placed on record that APPL ( Adani Properties Private Ltd)and other members of the Promoter Group or their related entities are in compliance with Delisting Regulations.". In case you can’t find any email from our side, please check the spam folder. The scrip traded 3.42 per cent down at Rs 36.70 after the announcement.