The board of Adani Power Ltd (APL), a part of the diversified Adani Group, has provided its consent on the proposal for delisting of the company’s equity shares from the stock exchanges i.e. both from BSE and NSE.
The promoter group collectively holds 289.16 crore equity shares of APL representing 74.97 per cent of the paid-up equity share capital, while, public shareholders hold 96.53 crore equity shares which correspond to 25.03 per cent of the paid-up equity share capital.
The company has worked out the floor price of Rs 33.82 per equity share to buy 96.53 crore shares from the public for about Rs 3,264 crore.
However, the company said it will seek shareholders’ approval for delisting from the two bourses through a postal ballot.
Buoyed by the development, shares of the company closed at Rs 38.20, up 0.53 per cent, from the previous close on the BSE.