New Delhi: Adani Power on Monday said that its board has approved the proposal to delist the company's equity shares from stock exchanges.
The company has worked out the floor price of an equity share of Rs 33.82 to buy 96.53 crore scrips with the public for about Rs 3,264 crore.
In a regulatory filing, the company said it will seek shareholders nod for delisting on BSE and NSE through a postal ballot.
The company said that its board has “granted approval to the Company to seek shareholders' approval for aforesaid Delisting Proposal by way of special resolution through postal ballot and e-voting in accordance with Regulation 8(1)(b) of the SEBI Delisting Regulations and other applicable law. And in this regard the draft of the postal ballot notice and the explanatory statement thereto were also approved”.
The board on Monday authorised the company to obtain approval of the stock exchanges in accordance with the provisions of the SEBI Delisting Regulations as well as any other regulatory approval as may be required in relation to the delisting proposal.
Adani Power Ltd (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India, according to the company website. The company has a power generation capacity of 12,450 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a 40 MW solar power project in Gujarat
Shares of the company were trading at Rs 37.85 apiece on BSE in afternoon session, down 0.39 per cent from their previous close.