Sebi lens on Adani Power’s plan to delist from bourses
The Securities and Exchange Board of India (Sebi) is examining Adani Power Ltd’s proposal to delist its shares from the exchanges, potentially intensifying woes for the Adani Group that is currently facing a wider probe by the markets regulator.
Two people aware of the development said Sebi’s scrutiny followed the Gautam Adani-held company announcing a buyback of shares at a price that is almost 65% less than the prevailing market price.
Shares of Adani Power tumbled from ₹155.8 on June 10 to ₹88.75 apiece on Thursday on BSE amid investor concerns following the Sebi investigation.
Last June, the board of Adani Power approved the voluntary delisting proposal by buying back shares at ₹33.82 apiece. The date of the proposed buyback has already been extended several times by the board.
