Looks like you have exceeded the limit to bookmark the image. In the last 12 months, share prices of Adani Power fell from a high of Rs. Final delisting prices are determined by a reverse book-building process and require approval from at least 90% of shareholders. The share price of Gautam Adani’s energy utilities firm was trading at Rs 42.2 per share before falling to Rs 38.8 apiece. –IANS. The initial months of the financial year 2021 (FY21) saw a slew of delisting offers announced by India Inc. Vedanta and Adani Power announced their delisting proposals in May while Hexaware and Allcargo made the announcements in June and August, respectively. Retail shareholders who entered the stock at high prices, however, would be the biggest losers. It is shocking that the promoters are now (in June 2020 in the midst of the COVID-19 pandemic) proposing delisting of the shares of Adani Power at a time when the share price is languishing at around Rs.38 per share. This will alert our moderators to take action. Mumbai: Billionaire Gautam Adani plans to delist his group’s power utility, Adani Power NSE 0.70 % close on the heels of Anil Agarwal announcing the delisting plans of Vedanta Ltd. NSE -0.62 %. On Monday, Adani Power shares surged 10% as Gautam Adani declared that he plans to delist his group's power utility, Adani Power close on the heels of Anil Agarwal announcing the delisting plans of Vedanta Ltd. Adani Power promoters intend to buy back all shares of the company and delist it … Adani Gas, Adani Transmission, Adani Ports and SEZ, Adani Green Energy, and Adani Enterprises are the other listed companies of the conglomerate. Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. No one is snatching shares from you. Adani Power share price gained nearly 10% today after the firm said it would consider delisting of its stock from the bourses during its board meeting scheduled on Wednesday. Or if they want to delist at any cost, then they should pay minimum IPO price all the years they have benifited by IPO price & created a company which the promoters only will get benifits so A substantial premium amount also should be given above the IPO price. Adani Power Ltd on Monday gave the final nod to its voluntarily delisting of equity shares at Rs 33.82 which is 10 per cent less than its previous closing of Rs 38 on Friday. 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. Why follow tips? The board, "granted approval... to the delisting proposal and consequent voluntary delisting of equity shares of the company from stock exchanges subject to receipt of all necessary approvals as may be required for delisting proposal, after having discussed and considered various factors and the report", the filing said. Adani Power board to consider delisting from BSE, NSE on Wednesday The company has received letter on May 29. Shares of Adani Power on the BSE on Friday closed at Rs 36.40, higher by 0.97 per cent from its previous close. Adani Power Delisting: The stock has declined nearly 4% since May 29. Shares of the company were closed at ₹38.20 a piece on BSE on Monday up 0.53 per cent from the previous close. In total, Adani needs just 10% further to delist which is easy to manipulate. 73.75 to the current level of Rs. MUMBAI: Investors in Adani Power are a disappointed lot as the company's board on Monday set the floor price for delisting of shares at ₹ 33.82 apiece, nearly 11% below the market price. Inciting hatred against a certain community, 15 The scrip traded 3.42 per cent down at Rs 36.70 after the announcement. Copyright © HT Digital Streams Limited All rights reserved. Power is new sector as people move away from Oil to Electricity. Hope action is taken on companies like Vedanta & Adani Power. The board of Adani Power had approved the proposal to delist company shares from stock exchanges last month. SEBI should have some strong rules not to allow companies to get delisted for some flimsy reasons & benifitting from the down trend. If you do not want to sell your shares at offer price, you have a choice. The Economic Times Digital Payments Forum, Which investment approach really suits you? Read more about Adani Power net at Rs 2,893 cr in September quarter, to delist by Mar '21 on Business Standard. 37.80, making delisting an affordable option for promoters. SEBI should take note of this & create rules/laws on opportunistic delisting. 15 ... Adani Power's delisting proposal is set at a floor price of Rs33.82 per share. That compares with the BSE Power Index’s 5% gain during the same period. Sebi must modify rules to protect at least a capital of small shareholders. Going Reliance Power way, where almost entire capital has been lost by Shareholders. Note the promoter already holding almost 75%, it is more in their interest that share price does well. The board approved the proposal after evaluating report of merchant banker Vivro Financial Services Ltd. The company has worked out the floor price ... of the SEBI Delisting Regulations as well as any other regulatory approval as may be required in relation to the delisting proposal. Adani Power has proposed delisting at ₹33.82 per share, which is at a discount of 10% over the closing price on June 19. Adani Power board on Monday approved the proposal to delist the company’s equity shares from stock exchanges. The board of Adani Power has approved a proposal to delist company shares from stock exchanges, the Adani group firm said on Monday. Adani Power surged 7.69percent to Rs 39.20 after the company said its board will meet on 3 June 2020 to consider a proposal to delist equity shares from the domestic stock exchanges. Adani needs 15% stake and holds 5% already through Opal Investment Pvt Ltd. Expected much better from Adani Group. Remove some to bookmark this image. The promoter group collectively holds 2,89,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital. 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Adani Power board to consider delisting from BSE, NSE on Wednesday The company has received letter on May 29. 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. Choose your winners rationally in 3 simple steps! In a major development, Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. If you are a shareholder, the promoter will have to buyback the minority shareholders shares to delist. In case you can’t find any email from our side, please check the spam folder. Choose your reason below and click on the Report button. Oops! "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. Adani Power's share price has halved in the last twelve months from a high of Rs 73.75 to the current level of Rs 37.95. Adani Power’s Board will meet on June 3, to consider the proposal for voluntary delisting of the equity shares of the Company received from Adani Properties Private Limited, the company said. For reprint rights: Small Share holders are feeling duped. It'll just take a moment. Let's reshape it today, Hunt for the brightest engineers in India, Read Stock Insights by ET for a quick analysis. There was a huge cry that Opal is Adani Shell company in 2012. Your Reason has been Reported to the admin. Adani Power has worked out a floor price of Rs 33.82 per share to buy 96.53 crore … The Adani Power board on June 3 will also discuss the appointment of a merchant banker registered with SEBI for carrying out due diligence as required in terms of Regulation 8(1A)(ii) of the SEBI Delisting Regulations. Adani Power shed 0.92percent to Rs 37.65 after the board approved the proposal to voluntarily delist shares at a floor price of Rs 33.82 per share. Delisting price may surprise everyone and may not be on upper end. The merchant banker appointed by the board earlier this month, stated in its report that "the delisting proposal is in interest of shareholders of the company.". Public shareholders hold 96,53,26,374 equity shares, which corresponds 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. Sharp Insight-rich, Indepth stories across 20+ sectors, Access the exclusive Economic Times stories, Editorial and Expert opinion, Mirae Asset Emerging Bluechip Fund Direct-Growth, ICICI Prudential Bluechip Fund Direct-Growth. Days Trial. 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