Adani Power shares gained nearly 10 per cent on Monday after Gautam Adani- promoted electric utilities company said it will consider delisting of its shares from the exchanges during its board meeting scheduled on Wednesday. At 2:00 pm, the shares were trading at Rs 39, higher by Rs 2.65 or 7.4 per cent on the BSE. The shares opened at the intra-day high of Rs 40 and have touched a low of Rs 37 thus far. The stock of Adani Power has rallied 25 per cent in the past one month alone.
“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,” Adani Power had said in a regulatory filing last week.
In the delisting proposal letter, Adani Properties, promoter of Adani Power, expressed its intention to acquire all equity shares of the company held by the public shareholders. Each share has a face value of Rs 10.
The delisting proposal will enhance the company’s operational, financial and strategic flexibility regarding corporate restructurings, acquisitions and exploring new financing structures, Adani Power added.
The Sensex traded 1,088.95 points – or 3.36 per cent – higher at 33,513.05, while the Nifty was up 309.35 points – or 3.23 per cent – at 9,889.65 at the time.