Mumbai, June 22 (IANS) The board of Adani Power on Monday approved the delisting of its shares from the exchanges at the floor price of Rs 33.82.
On Monday, its shares on the BSE closed at Rs 38.20, higher by 0.53 per cent from its previous close.
Last month, Adani Power had said that it received a letter from Adani Properties, a member of its promoter group, whereby the latter 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.
The board on Monday authorised the company to obtain approval of the stock exchanges in accordance with the provisions of the SEBI Delisting Regulations as well as any other regulatory approval as may be required in relation to the delisting proposal.
Adani Power Ltd (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India, according to the company website. The company has a power generation capacity of 12,450 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a 40 MW solar power project in Gujarat