Gujarat High Court okays Adani Enterprises' power, port, mining rejig

NEW DELHI: Adani Enterprises today said the Gujarat High Court has approved restructuring of the group's businesses involving ports, power, mining and transmission assets.

In a BSE filing today, Adani Enterprises said the Gujarat High Court on May 7, 2015 "considered and approved the Composite Scheme of Arrangement" between Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission and Adani Mining Pvt and their respective shareholders and creditors pursuant to provisions of Sections 391 to 394 and other provisions of the Companies Act, 1956.

Other Adani Group firms -- Adani Ports and Special Economic Zone and Adani Power -- also informed the BSE about the development in separate filings.

Under the recast plan, announced in January this year, the Adani Group would consolidate its ports, power and mining assets into three separately listed firms and list a new company for transmission business.

Adani Enterprises was trading up 2.84 per cent at Rs 702.60 at 1207 hours on BSE while shares of Adani Power were up 1.44 per cent at Rs 42.35.

Adani Ports and SEZ shares turned higher by 1.81 per cent to Rs 341.35 at 1207 hours on BSE.