Adani Power board will consider a proposal to delist its entire equity shares from the BSE and NSE in its meeting scheduled on Wednesday.
"...meeting of board of directors of Adani Power Ltd to be held on June 03, 2020 to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties Private Ltd and related matters incidental thereto," the company said in a regulatory filing.
The company has received letter on May 29. 2020 (the "Delisting Proposal Letter") from Adani Properties Private Ltd (APPL), a member of the promoter and promoter group of the Company, the filing said.
In the Delisting Proposal Letter, the APPL has expressed its intention either by itself or together with other members of the Promoter Group as the case may be to acquire all the equity shares of the Company, each equity share having face value of Rs 10 held by the public shareholders of the company.
The APPL also stated that if the delisting offer is successful, (then the company will) voluntarily delist the equity shares of the company from BSE Ltd and National Stock Exchange of India Ltd (the "Stock Exchanges").
The promoter group collectively holds 2,89,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital.
The public shareholders hold 96,53,26,374 equity shares, which corresponds to 25.03 per cent in of the paid-up equity share capital.
The board will also consider appointment of a merchant banker for delisting.