After Vedanta, Adani Power to now consider delisting
MUMBAI : Indian billionaire Gautam Adani plans to delist Adani Power Ltd from the stock exchanges, following in the footsteps of another billionaire, Vedanta Ltd’s Anil Agarwal.
Adani Power, a private-sector power generation and distribution company, informed stock exchanges on Friday that its board of directors will consider a proposal at its next meeting to voluntarily delist its shares. The proposal to buy out the company’s public float has come from promoter firm Adani Properties Pvt. Ltd.
On Wednesday, Mint reported that the Indian markets could see several delistings as depressed valuations made it attractive for promoters to take their companies private, which would make it easier for them to restructure, or turnaround the businesses without public scrutiny.
