The board of Adani Power has approved a proposal to delist company shares from bourses, the Adani group firm said on Monday. 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.
In a regulatory filing, the company said it will seek shareholders’ nod for delisting from the BSE and the NSE through a postal ballot.
The board approved the proposal after evaluating the report of merchant banker Vivro Financial Services.
The merchant banker stated in its report that “the delisting proposal is in the interest of shareholders”.
The report also stated that the company is in compliance with applicable provisions of the securities law for delisting. Adani Properties and other members of the promoter group are in compliance with delisting regulations, it added.
