Adani Power falls, floor price to delist shares at 11% discount to market price
MUMBAI: Investors in Adani Power are a disappointed lot as the company’s board on Monday set the floor price for delisting of shares at ₹33.82 apiece, nearly 11% below the market price.
The shares fell nearly 3% following the news. They later recovered some losses and were at ₹37.80, down 0.53% on the BSE.
Adani Power’s board of directors had approved the delisting proposal by group company Adani Properties Pvt Ltd.
In an exchange notification after the board meeting, the company said the floor price of ₹33.82 was arrived at in accordance with “Regulation 15(2) of the SEBI Delisting Regulations read with Regulation 8 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011”.
