Adani Ports and Special Economic Zone and Adani Power fell by 2% to 2.52% at 11:36 IST on BSE as the shares allotted by these companies pursuant to the scheme of arrangement were admitted for trading on the bourses today, 16 June 2015.
Adani Ports and Special Economic Zone (Adani Ports & SEZ) was down 2% at Rs 304.05. A total of 155.32 crore shares of Adani Ports and Special Economic Zone issued pursuant to scheme of arrangement were admitted for trading on the bourses today, 16 June 2015.
Adani Power was down 2.52% at Rs 29. A total of 204.52 crore shares of Adani Power issued pursuant to scheme of arrangement were admitted for trading on the bourses today, 16 June 2015.
Meanwhile, the S&P BSE Sensex was down 63.29 points, or 0.24% at 26,523.26.
In January 2015, Adani Enterprises had announced a plan to demerge the group's port and power operations into Adani Ports & SEZ and Adani Power. The company had fixed 4 June 2015, as record date for the purpose of scheme of arrangement & demerger.
According to the arrangement, the ports business of Adani Enterprises was merged into Adani Ports & SEZ and all power assets of Adani Enterprises were merged with Adani Power.
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Pursuant to the demerger of the port undertaking of Adani Enterprises into Adani Ports & SEZ, Adani Ports & SEZ allotted new equity shares to the equity shareholders of Adani Enterprises in the ratio of 14,123 equity shares in Adani Ports & SEZ for every 10,000 equity shares held by the equity shareholder in Adani Enterprises as of the record date for the purpose of the scheme. The equity shares held by Adani Enterprises in Adani Ports & SEZ were cancelled pursuant to the scheme.
Pursuant to the demerger of the power undertaking of Adani Enterprises into Adani Power, Adani Power allotted new equity shares to the equity shareholders of Adani Enterprises in the ratio of 18,596 equity shares in Adani Power for every 10,000 equity shares held by the equity shareholder in Adani Enterprises as of the record date for the purpose of the scheme. The equity shares held by Adani Enterprises in Adani Power were cancelled pursuant to the scheme.
Meanwhile, Adani Enterprises separated its transmission business and spinned it off into a separate entity. The power transmission business will be run by Adani Transmissions, which the group plans to list on the BSE and the National Stock Exchange. The listing of Adani Transmissions, which has over 5,000 circuit km of power lines in western, northern and central India, is expected to unlock value. Further, Adani Mining was merged into Adani Enterprises.
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