Adani to offer Rs 3,265 crore to take power co pvt

MUMBAI: Industrialist Gautam Adani plans to offer Rs 3,265 crore to take the Mumbai-listed Adani Power private. The business man has proposed to offer Rs 33.82 per share to acquire the 25.03% he doesn’t own of the power company from public shareholders — an over 11% discount over Monday’s closing price of Rs 38.2.
Taking Adani Power private will provide more operational and financial flexibility to the management to take decisions on restructuring and new financing structures. The Adani Power board approved the delisting proposal on Monday after merchant banker Vivro Financial Services submitted the due-diligence report. Gautam Adani and family own 74.97% of the power company, which was listed on the bourses in August 2009. Adani Properties, a private limited company, proposed to buy the entire 97 crore shares of the electricity generator held by minority investors.
“The delisting proposal is in the interest of the shareholders of the company,” read Adani Power’s statement to the bourses.