Adani Power to pay Rs 33.8 per share to delist

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 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.

“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 Agarwal announced the delisting plans of Vedanta.

Promoters hold 74.9 per cent 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.