Adani Power board approves delisting of shares; stock down 3%
Shares of Adani PowerNSE -1.18 % dropped over 3 per cent in Monday’s trade after the board approved the proposal to voluntarily delist shares at a floor price of Rs 33.82, which is 11 per cent lower than the previous close.
The scrip traded 3.42 per cent down at Rs 36.70 after the announcement.
In a regulatory filing, billionaire Gautam Adani-led firm said that the board approved the proposed delisting of the firm based on the recommendations from the merchant banker. The company has fixed a floor price of Rs 33.82 per share.
Earlier, promoters of Adani Power intend to buyback all shares of the company and delist it from the bourses.
