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Board gives nod for delisting of shares at a discount of 12% from Monday's closing price Share. We review its pros and cons. Customize your preference and get a personalized recommendation of stories based on your interest. Mumbai, Jun 22 (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. You are now subscribed to our newsletters. It'll just take a moment. Or click on Free Trial to get 14 days free trial. On BSE, Adani Power Shares value declined by 5 per cent on Monday. However, the share value rebounded on intraday to close at Rs 38.20 which is 0.5 per cent high. Adani Power to delist shares at floor price of 33.82 Business Line. Price when posted : NSE: Rs. However, the company said it will seek shareholders’ approval for delisting from the two bourses through a postal ballot. The promoter and promoter group own 74.97 per cent of the voting rights in Adani Power. Get Full Digital Access To The Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword+, Epaper replica of The Hindu and The Hindu BusinessLine in ONE SINGLE DISCOUNTED PRICE! Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. The APL board had met on Monday to review and take on record the due-diligence report by Vivro Financial Services Pvt Ltd — merchant banker for the company’s delisting process. Should you go for Care Health’s new rider plan — Care Shield? Public shareholders hold 96,53,26,374 equity shares or 25.03 per cent of the paid-up equity share capital. . The company has worked out the floor price of Rs 33.82 per 37.80, making delisting an affordable option for promoters. “The delisting proposal is in the interest of the … They later recovered some losses and were at ₹37.80, down 0.53% on the BSE. Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. The board of Adani Power has approved a proposal to delist company shares from bourses, the Adani group firm said on Monday. Click here to read the Mint ePaperMint is now on Telegram. 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. 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. 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. Please Subscribe to get access to one of our early bird packs. Log in to our website to save your bookmarks. 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. 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. Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences, How marketers can use the traditional exchange of festive wishes meaningfully. It ... Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ... Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ... Option price falls more than it rises for the same change in underlying, A long-term vacation here is worth a check-in, The fund delivered a return of 31.5% in 2020 compared with the category’s 15.5%, Care Health Insurance’s new rider offers no great benefit. Not the final price company will pay, ... Price is below 110 (Strike price) so we keep the rent and the price is above our insurance point so Insurance company keeps the premium. Adani Power gets shareholders' nod for delisting Earlier in May, the APPL had proposed the delisting of the company from stock exchanges. It stated that Adani Properties Private Limited (APPL), a member of the promoter and promoter group of the Company, has informed that “as per the certificate dated June 22, 2020 issued by M/s Dharmesh Parikh & Co, Chartered Accountants, ₹33.82 is the floor price per equity share, which is arrived at in accordance with the SEBI Delisting Regulations. 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. The floor price decided for per share delisting is almost 11 per cent lower than its Friday’s stock market closing price value. Earlier, on June 3, the board of directors of Adani APL considered the proposal for delisting of APL shares from stock exchanges and approved the appointment of Vivro Financial Services, a Category-I merchant banker registered with the Securities and Exchange Board of India (SEBI) to carry out the due diligence process. 33.8 at around 11% discount. 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. 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. Adani Power trades in green on shareholders nod for voluntary delisting Overall, the proposal includes delisting of 96.53cr equity shares with the public for approximately Rs3,264cr. The company has said delisting will enhance the company's operational, financial and strategic flexibility including its ability to undertake corporate restructurings, acquisitions, exploring new financing structures. Linkedin. The board of Adani Power had approved the proposal to delist company shares from stock exchanges last month. 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. For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ... Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ... Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ... Aequs Aerospace to create space for large-scale manufacture of toys at Koppal. APL shares ended the trading session on Monday at ₹38.20 after the announcement. 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. New Delhi, Jul 24 (PTI) Adani Power on Friday said it has received shareholders'' approval for its Rs 3,264-crore delisting proposal. Last month, Adani Power, a private-sector power generation and distribution company, informed stock exchanges that its board of directors would consider a proposal at its next meeting to voluntarily delist its shares. The company has worked out the floor price of Rs 33.82 per equity share to buy 96.53 crore shares from the public for about Rs 3,264 crore. In the last 12 months, share prices of Adani Power fell from a high of Rs. Oops! 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. Adani Power on Tuesday sought shareholders nod for its Rs 3,264 crore delisting proposal through postal ballot. The … To fix a broken bone, doctors often harvest another bone from the patient’s  body or  from someone else. Facebook, Twitter, Instagram, YouTube and Earlier, promoters of Adani Power intend to buyback all shares of the company and delist it from the bourses. In a regulatory filing, billionaire Gautam Adani-led firm said that the board approved the proposed delisting of the firm based on the recommendations from the merchant banker. Offer closes soon. The floor price is the base price at which promoters intend to purchase … Covid-19 has triggered a consumer shift towards branded products as ... Avail Invitation Pricing Now You can also download our Android App or IOS App. “Many of these cases (of proposed delisting) may be due to the prevailing market price, which is half the book. The board of directors approved the floor price for delisting of shares at ₹33.82 per share. Looks like you have exceeded the limit to bookmark the image. India is ready with two vaccines to beat the deadliest virus of recent times. Experience cleaner site with zero ads and faster load times. “Adani Group had come out with the IPO of Adani Power in August 2009 at the issue price of Rs.100 per share. Adani Power to delist shares at floor price of 33.82 Business Line Board gives nod for delisting of shares at a discount of 12% from Monday's closing price In an exchange notification after the board meeting, the company said the floor price of ₹33.82 was arrived at in accordance with "Regulation 15(2) of the SEBI Delisting Regulations read with Regulation 8 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011". The company had, on Saturday, announced that its promoters had set the floor price for delisting at Rs 92.58 — 19 per cent lower than Allcargo’s last closing of Rs 114.5 on Monday. The board of directors approved the floor price for delisting of shares at ₹33.82 per share. Adani Power’s board of directors had approved the delisting proposal by group company Adani Properties Pvt Ltd. Your session has expired, please login again. 73.75 to the current level of Rs. The shares fell nearly 3% following the news. 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. Kumbh Mela 2021: Over 7 lakh devotees take holy dip in Ganga in Haridwar, BSP to go solo in UP, U'khand Assembly polls, says Mayawati on birthday, Farm laws: No breakthrough in govt-farmers meet, next round of talks on 19 Jan, EU nations say Covid vaccine rollout is slow with uncertain timetables: Report, The shares fell nearly 3% following the news. Share on Share on Share on Share on . The company has a power generation capacity of 12,410 megawatts across six states in India. Adani Gas, Adani Transmission, Adani Ports and SEZ, Adani Green Energy, and Adani Enterprises are the other listed companies of the conglomerate. On Monday, its shares on the BSE closed at Rs 38.20, higher by 0.53 per cent from its previous close. Remove some to bookmark this image. Say cheese, says the organised dairy sector. Our Bureau Ahmedabad | Updated on December 15, 2020 Published on December 15, 2020 The company has announced delisting of shares at a floor … Adani Power issued a notice for voluntary delisting of equity shares of the company from BSE Limited and National Stock Exchange of India Limited, a regulatory filing stated.The board of Adani Power had approved the proposal to delist company shares from stock exchanges on Monday. Investors baffled at swings in Adani Power thehindubusinessline.com - Our Bureau. You have reached your weekly free article limit. Join Mint channel in your Telegram and stay updated with the latest business news. The board of Adani Power on Monday approved the delisting of its shares from the exchanges at the floor price of Rs 33.82. 47.00 Delisting floor price is 33.82 so operators are bringing the stock price down ..Well we can see whether it will hit 90 or not.. And it has every reason to smile. Calling the shots: Who, when, where and how. Done Cancel. 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. Like. In case you can’t find any email from our side, please check the spam folder. In the last 12 months, Adani Power’s share price has halved from a high of ₹73.75, making delisting by the promoter group an attractive and affordable option. Retail shareholders who entered the stock at high prices, however, would be the biggest losers. The company has fixed a floor price of Rs 33.82 per share. Adani power is delisting at Rs. Copyright © 2021, THG PUBLISHING PVT LTD. Manoj Badale’s EMIPL becomes majority owner of Rajasthan Royals, Medium acquires social digital book platform Glose, Tea board issues show cause notice to 30 factories, Covid-dented Kerala Budget projects ₹ 1,307-cr deficit for 2021-22, Why option price falls more than it rises for the same change in underlying, Why the stock of Trivago offers value in euphoric market, UTI Equity Fund: Diversify your core equity portfolio. The cliché, television gives it a natural home out with the latest Business news App or IOS App months! Is in the last 12 months, share prices of Adani Power delist! Adani Power in August 2009 at the issue price of 33.82 Business Line board on Monday to the market. By foreign portfolio investors and overseas corporate bodies Pricing now in your Telegram and stay updated with the IPO Adani. The IPO of Adani Power shares value declined by 5 per cent from its previous close on... 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