Adani Properties withdraws offer to delist Adani Power – Times of India

New Delhi: Adani Power On Saturday, its promoter arm Adani Properties has withdrawn its proposal to delist the company due to lack of in-principle approval from stock exchanges.
The company, in a regulatory filing, said it has received a letter from a member of the promoter group, seeking withdrawal of the delisting proposal.
“The Company (Adani Power) has received a letter dated September 17, 2022 (“Delisting Withdrawal Letter”) from Adani Properties Private Limited (“APPL”), the Promoter of the Company and a member of the Promoter Group (“Promoter Group”) .”), in respect of the proposal to withdraw the delisting offer dated 29th May, 2020 and to voluntarily delist the equity shares of the Company BSE Limited And this National Stock Exchange of India Ltd,” One BSE Said to enter.
The company shall take necessary steps including, inter alia, taking notes and taking on record Clearance Card Removal From Board of directors of the company, it said.
“We understand from the company that the company is yet to receive in-principle approval from the stock exchanges, for the delisting offer. Due to non-in-principle approval of the stock exchanges, the company and APPL are unable to proceed further,” Adani Properties said in the letter. “The delisting offer and consequently there has been a significant and significant delay in proceeding with the delisting offer and implementing the voluntary delisting process.”
Accordingly, adani properties The Board of Directors of the Company is requested to look into its unlisted withdrawal offer and take necessary steps to give effect to the same.
The promoter group collectively holds 289,16,12,567 fully paid-up equity shares of the company (Adani Power), with a face value of Rs 10 per share of each equity share, from the collective holding issue and 74.97 per cent of the outstanding equity. its same. Company shares.
The Adani Power Board had approved the purchase of 96.53 crore equity shares (25.03 per cent equity) with the public under the delisting offer for about Rs 3,264 crore at a floor price of Rs 33.82 per equity share.
Shares of Adani Power closed at Rs 387.80 on BSE on Friday.