Adani Power Delisting: Approved! Board says yes to proposal - Check floor price per equity share

In a major development, Adani Power board on Monday approved the proposal to delist the company's equity shares from stock exchanges. The company has announced the floor price of a share at Rs 33.82 to buy 96.53 crore shares with the public for about Rs 3,264 crore. In a regulatory filing, the company said it will seek shareholders nod for delisting on BSE and NSE through a postal ballot. Meanwhile, shares of the company were trading at Rs 37.85 apiece on BSE in the afternoon session, down 0.39 per cent from their previous close. 

Earlier, on June 9, Adani Green Energy Limited had won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As a part of the award, AGEL will develop 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity. This award, the largest of its type, ever, in the world, will entail a single investment of Rs. 45,000 crores (US $6 billion) and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime.

"With this win, AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewables company by 2025. This award will take the Company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of Rs. 112,000 crores ($15 billion) in the renewable energy space over the next 5 years," Adani Green Energy said in a statement.

Commenting on the win, Gautam Adani, Chairman of the Adani Group had said, “We are honoured to be selected by SECI for this landmark solar award. In today’s world, climate adaptation cannot be considered independent of economic development priorities and both, job creation as well as decarbonization must be simultaneous objectives. India made a commitment at the 2015 United Nations Climate Change Conference in Paris that it would lead the Climate Change revolution and today is the leader among the just eight nations on track to meet their COP21 commitments."