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Business News/ Companies / News/  Adani Power's delisting proposal withdrawn by promoter entity Adani Properties
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Adani Power's delisting proposal withdrawn by promoter entity Adani Properties

Adani Power has received a letter from a member of the promoter group seeking withdrawal of delisting offer

Adani Power shares have given multibagger return in a yearPremium
Adani Power shares have given multibagger return in a year

Adani Power on Saturday informed in an exchange filing that its promoter entity Adani Properties has withdrawn a proposal to delist the company due to non-receipt of in-principle approval of stock exchanges and it has received a letter from a member of the promoter group seeking withdrawal of delisting offer.

"The Company (Adani Power) has received a letter dated September 17, 2022 (the “Delisting Withdrawal Letter") from Adani Properties Private Limited (“APPL"), a member of the promoter and promoter group of the Company (“Promoter Group"), regarding the withdrawal of the delisting offer dated May 29, 2020 and the proposal to voluntarily delist the equity shares of the Company from the BSE Limited and the National Stock Exchange of India Ltd," the company announced in a BSE filing.

The company shall be taking necessary steps including inter alia noting and taking on record the Delisting Withdrawal Letter by the Board of Directors of the company, it stated.

"We understand from the company that the company has not yet received in principle approval of the stock exchanges, for the Delisting Offer. Due to non-receipt of in principle approval of the Stock Exchanges, the company and APPL are unable to proceed forward with the Delisting Offer and this has resulted in a substantial and significant delay in proceeding forward with the Delisting Offer - and implementing the voluntary delisting process, as also its commercial viability," Adani Properties said in the letter.

Accordingly, Adani Propterties has requested the Board of Directors of the company to take note of its delisting withdrawal proposal and take necessary steps to give effect to the same.

The promoter group collectively holds 289,16,12,567 fully paid-up equity shares of the company (Adani Power), each equity share having face value of 10 per share, which collective holding corresponds to 74.97 per cent of the issued and outstanding equity shares of the company.

Part of conglomerate Adani Group, power and energy company Adani Power's shares have given multibagger return this year by rallying more than 286% in 2022 (YTD) so far, whereas the Adani Group stock has skyrocketed over 309% in a year's period.

 

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Published: 19 Sep 2022, 11:13 AM IST
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