INDIAN billionaire Gautam Adani-owned Adani Power has appointed merchant banker for due diligence on delisting plan of the company.
The board of Adani Power has taken on record the delisting proposal letter and has appointed Vivro Financial Services Private as the merchant banker, reported the Economic Times.
Adani Power has a power generation capacity of 12,410 megawatts across six states in India.
A merchant banker has been appointed to finalise the delisting plan, the company informed the Indian bourses on Wednesday (3).
“After the receipt of the due diligence report from the merchant banker, the board will again meet to discuss the delisting proposal in detail,” the company said.
The Adani group announced its intention to delist its power utility last week, following Anil Agarwal announcing the delisting plans of Vedanta.
Promoters of the company hold 74.9 per cent stake in the company. The public shareholding is just over 25 per cen.
Shares of the company closed at Rs 38.70 on the Bombay Stock Exchange on Thursday (4). The price was up 2.65 per cent. The share price touched its year’s high of Rs 73.75 in November last year.