Mumbai: Shares of Adani Enterprises surged nearly 10 percent Friday after diversified Adani group announced demerger of all ports and power assets into two already listed firms.
Following the announcement, Adani Enterprises' stock jumped 7.79 percent to end at Rs 629.50 on the BSE.
During the day, it surged 10.61 percent to Rs 646 -- its 52-week high.
At the NSE, it rose sharply by 9.87 percent to settle at Rs 641.
Shares of Adani Ports and Special Economic Zone fell by 0.90 percent, while another listed firm Adani Power ended 0.68 per cent higher at the BSE.
Under the multi-layered corporate restructuring scheme, approved by the boards of three listed firms today, the group would move away from its present 'holding company' structure and would instead have four independently listed entities for the four major business segments.
The existing shareholders of Adani Enterprises Ltd (AEL), currently the holding company, would be allotted shares of two already listed firms -- Adani Ports and SEZ Ltd (APSEZ) and Adani Power Ltd (APL) -- as also in a new company named Adani Transmission Ltd (ATL) to be listed separately.
Subsequently, AEL would effectively become mining business arm of the group, which currently commands market value of over Rs 1.5 lakh crore, after amalgamation of Adani Mining Pvt Ltd (AMPL) into this company.
The demerger will be effective from April 1, 2015 subject to regulatory approvals. The entire restructuring exercise is expected to be completed by December 31, 2015.