The share price of Adani Power tanked over 8.7% from the day’s high on Wednesday, after actually surging 15% in the last three days.Shares of the company went flying on Wednesday. Adani Green shares were up 5% hitting an upper circuit while Adani Gas share price jumped over 12%. Nifty 50 for the first time since the middle of March reach the 10,000 mark, on the other hand S&P BSE Sensex was close to 34,500 points.
This came as the Board of Directors took on record the proposal to delist the company from the stock exchanges. The share price of Gautam Adani’s energy utilities firm was trading at Rs 38.8 apiece after falling from Rs 42.2 per share. The promoter group of Adani Power holds 289.16 crore shares or 74.97%. Of this, Gautam Shantilal Adani and Rajesh Shantilal Adani hold 36.43% on behalf of S.B Adani Family Trust, Foreign promoters hold 28.33% and public shareholders of have 25.03% in the company with a total of 96.5 crore shares.
Adani Properties limited recently made public their intent to delist the company. The delisting shall be done either by itself or together with other members of the Promoter Group. However, a share buyback offer has not yet surfaced.
The Board of Adani Power has also appointed Vivro Financial Services Private Limited, as Merchant Banker registered with the Securities and Exchange Board of India in accordance with Regulation 8(1A)(ii) of the SEBI Delisting Regulations. The merchant banker is appointed so that it can help the company with all the details after which delisting can be carried out peacefully. “After the receipt of the due diligence report from the Merchant Banker, the Board will again meet to discuss the Delisting Proposal in detail,” Adani Power said.