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Adani Power board to discuss delisting of shares on June 3
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SME Times News Bureau | 30 May, 2020
The Board of Adani Power will meet on June 3 to discuss on the delisting of company's shares from the stock exchanges.
In
a regulatory filing on Friday, Adani Power said that the company has
received letter dated May 29 from Adani Properties, a member of its
promoter group, whereby Adani Properties has expressed its intention, to
acquire all equity shares of the Adani Power held by its public
shareholders, either by itself or together with other members of the
Promoter Group.
"As of the date of this letter, the Promoter
Group collectively holds 289,16,12,567 equity shares of the company
representing 74.97 per cent of the paid-up equity share capital of the
company. The public shareholders hold 96,53,26,374 equity shares which
corresponds to 25.03 per cent of the paid-up equity share capital of the
company," it said.
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.
Shares of Adani Power on the BSE on Friday closed at Rs 36.40, higher by 0.97 per cent from its previous close.
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