when is adani power delisting
The company has worked out the floor price of Rs 33.82 per share to buy 96.53 crore equity shares with the public for about Rs 3,264 crore. “The meeting of board of directors of Adani Power to be held on Wednesday, June 03, 2020 to consider the proposal for voluntary delisting of the equity shares of the Company received from the promoter company,” Adani Power said in an exchange filing. As per an official statement issued by Adani Power, the proposed delisting of Adani Power shares is expected to enhance the company's operational, financial and strategic flexibility. Adani Power board approves delisting from BSE, NSE In a regulatory filing, the company said it will seek shareholders nod for delisting on BSE and NSE through a postal ballot. In all, Adani Power will buy 96.53 crore shares from the retail public and institutions for a value of Rs.3264 crore. Adani Power gets a nod from its shareholders for delisting its shares. ALSO READ: Adani's Australia coal unit back in the spotlight after name change. Share delisting is the removal of a listed stock from a stock exchange platform, and thus it would no longer be traded on the bourse. Updated: Mon, Jun 22, 2020. The proposal for delisting shares is floated, and a resolution to the effect is passed. Adani Power board approves delisting from BSE, NSE In a regulatory filing, the company said it will seek shareholders nod for delisting on BSE and NSE through a postal ballot. The delistings on involuntary account are mostly due to bankruptcies, failure to maintain the requirements set by the exchange, mergers, takeovers, stock performance etc. Company has listed offer price of INR 33.82 per share. NEW DELHI : The board of Adani Power has approved a proposal to delist company shares from stock exchanges, the Adani group firm said on Monday. 3. To be fair to the investors, the rule is that in such circumstances, the promoters of the delisted companies are required to purchase the shares from public shareholders as per the fair value determined by the independent valuer. The company has announced delisting of shares at a floor price of ₹33.82. The company has announced the floor price of a share at Rs 33.82 to buy 96.53 crore shares with the public for about Rs 3,264 crore. According to Taxguru.in, corporates are now aiming at reducing costs, which do not have any returns. The promoter group collectively holds 74.97% of the paid-up equity share capital in the company, whereas public shareholders own 25.03% currently. Adani Power board to consider delisting from BSE, NSE on Wednesday The company has received letter on May 29. In the case of involuntary delisting of shares, the promoters of the delisted companies are required to purchase the shares from public shareholders based on a fair value determined by the independent valuer. Registered Name: Equentis Wealth Advisory Services Private Limited In the last 12 months, Adani Power’s share price has halved from a high of ₹ 73.75, making delisting by the promoter group an attractive and affordable option. 5. 23 of the Companies (Central Government`s) General Rules & Forms, 1956 is filed with the Registrar of Companies. "Meeting of board of directors of Adani Power to be held on June 3, 2020 to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties and related matters incidental thereto," the company said in a regulatory filing. Read more about Adani Power gets shareholders' nod for Rs 3,264-cr delisting proposal on Business Standard. Reports suggest that promoter are willing to delist the company that means they will buy 25% shares which public hold. Hence it makes sense to invest in a well-diversified portfolio of 15-18 stocks for optimum wealth creation and diversification of risk. –IANS. Public shareholders hold 96,53,26,374 equity shares, which correspond to 25.03 per cent of the paid-up equity share capital Shares of Adani Power dropped over 3 per cent in Monday’s trade after the board approved the proposal to voluntarily delist shares at a floor price of Rs 33.82, which is 11 per cent lower than the previous close. India Matters. Post. Address : Plot No.C4-A, 'G' Block Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra | In the case of involuntary delisting of shares, the delisted company, its full-time directors, promoters and group firms are barred from accessing the securities market for ten years from the date of compulsory delisting. To begin with, the company will seek shareholders approval for delisting on BSE and NSE through a postal ballot. The price at which the shares are to be bought shall not be less than the weighted average of the traded price of the security in the preceding six months at any of the Stock Exchanges. In a major development, Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. The company is India's largest private thermal power producer, with a capacity of 12,410 megawatts across six states in India. The following steps are followed for voluntary delisting of securities from the Stock Exchange. Ltd. All Rights Reserved. Delisting is the removal of a listed security from a stock exchange. Why sharing with Retailers, too. SEBI Office Details: Proposal for delisting shares is floated and a resolution to the effect is passed. 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