Adani Power plans to issue shares to promoters

MUMBAI: Private electricity utility Adani Power today said it plans to issue shares to promoters on preferential basis.

Financial details were not disclosed. According to a regulatory filing, the board of the company would consider the proposal during its meeting scheduled for March 23.

The board would "consider issue of equity shares to the Promoter/Promoter Group on preferential basis", it added.

The company did not immediately respond to query on the proposal.

Adani Power scrip fell 3.61 per cent to close at Rs 44.05 on the BSE.

At the end of the October-December quarter, promoters held 68.32 per cent stake in the company.

Adani Power reported a consolidated total income of Rs 1,884 crore for the quarter.