The board of Adani Power has approved the delisting of its shares at a floor price of Rs 33.82 a piece, which is almost 11% lower than share closing price on the bourses on Friday. Adani Power shares declined up to 5% intraday on Monday but recovered to close at Rs 38.20 on the BSE, up 0.5%.
"The delisting proposal is in the interest of the shareholders," the company informed the bourses in a statement. In May, the Gautam Adani-led group had announced its intention to delist its power utility, soon after industrialist Anil Agrawal announced the delisting plans of Vedanta.
Promotors hold 74.9% in the company. Explaining the rationale behind its plans for delisting, the company had earlier said the move will enhance its operational, financial, and strategic flexibility including its ability to undertake corporate restructurings, acquisitions, exploring new financing structures.
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