While benchmark indexes Sensex and Nifty witnessed selling pressure on Monday, investors, however, had a positive bias on Adani Power stocks. At around 12.09 PM, the Adani Power stock was performing at Rs. 35.35 per piece higher by 1% on Sensex.
The performance was swayed after the company informed that shareholders have approved its proposal for voluntary delisting. Adani Power had announced for voluntary delisting last month and had already received the board of directors approval for the same.
For voluntary delisting of equities shares on BSE and NSE, Adani Power on Friday said, “has been passed with the requisite majority on July 23, 2020, being the last date specified for remote e-voting.”
Adani Power’s delisting proposal is set at a floor price of Rs. 33.82 per share. Overall, the proposal includes delisting of Rs. 96.53 cr equity shares with the public for approximately Rs. 3,264cr.
As per the latest filing, the company’s promoters hold some 2,89,16,12,567 equity shares representing 74.97% paid-up equity share capital, and that of public shareholding involves 96,53,26,374 equity shares.