Adani Power on Friday said it has received shareholders' approval for its Rs 3,264-crore delisting proposal. Last month, Adani Power had issued a notice for voluntary delisting of equity shares of the company from BSE Limited and National Stock Exchange of India Limited.
"...(delisting) resolution as set out in the notice has been passed with the requisite majority on July 23, 2020, being the last date specified for remote e-voting," a regulatory filing stated.
The board of Adani Power had approved the proposal to delist company shares from stock exchanges last month.
The company has worked out the floor price of Rs 33.82 per share to buy 96.53 crore equity shares with the public for about Rs 3,264 crore.
The promoter group collectively holds 2,89,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital.
Public shareholders hold 96,53,26,374 equity shares, which correspond to 25.03 per cent of the paid-up equity share capital.
The board had approved the proposal after evaluating report of merchant banker Vivro Financial Services Ltd.
The merchant banker appointed by the board earlier in June had stated in its report that "the delisting proposal is in interest of shareholders of the company".
The report had also stated that the company is in compliance with applicable provisions of securities law for delisting.
It had also placed on record that APPL (Adani Properties Private Ltd) and other members of the Promoter Group or their related entities are in compliance with delisting regulations".
Earlier in May, the APPL had proposed the delisting of the company from stock exchanges.
At the time of approving delisting proposal last month, the board had also "took on record the letter dated June 22, 2020 from APPL informing that as per the certificate dated June 22, 2020 issued by Dharmesh Parikh & Co. Chartered Accountants Rs 33.82 is the floor price per equity share".
Shares of Adani Power fell 0.43 per cent to Rs 35 apiece on the BSE on Friday.