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Shares of Adani Enterprises have dipped 9% to Rs 719 on the National Stock Exchange (NSE) on profit booking.
The stock hit a lifetime high of Rs 804 on May 26, 2015 in intra-day trades and has rallied 63% so far in current calendar year 2015, compared to nil gain in the CNX Nifty till Wednesday. The stock gained 17% in the month of May against a 2% rise in the benchmark index.
Adani Enterprises has fixed June 04, 2015 as the record date for the purpose of scheme of arrangement & demerger.
In January 2015, the company had announced a plan to demerge the group’s port and power operations into Adani Ports & Special Economic Zone (SEZ) and Adani Power. The group’s transmission company will be listed on the stock exchanges and mining company merged with Adani Enterprises.
According to scheme, Adani Ports will issue new equity to Adani Enterprises shareholders in the ratio of 14,123 shares for every 10,000 held. Adani Power will issue new equity in the ratio of 18,596 shares for every 10,000 held in Adani Enterprises.
Adani Transmission will issue shares in the ratio of 1:1 to Adani Enterprises shareholders. The shares held by Adani Enterprises in these three companies will be cancelled.
The stock opened at Rs 789 and touched a high of Rs 791 on the NSE. A combined 3.07 million shares changed hands on the counter on the NSE and BSE so far.
At 1052 hours, the stock was down 8% at Rs 728 on the NSE against a 0.07% decline in the CNX Nifty.
The stock hit a lifetime high of Rs 804 on May 26, 2015 in intra-day trades and has rallied 63% so far in current calendar year 2015, compared to nil gain in the CNX Nifty till Wednesday. The stock gained 17% in the month of May against a 2% rise in the benchmark index.
Adani Enterprises has fixed June 04, 2015 as the record date for the purpose of scheme of arrangement & demerger.
In January 2015, the company had announced a plan to demerge the group’s port and power operations into Adani Ports & Special Economic Zone (SEZ) and Adani Power. The group’s transmission company will be listed on the stock exchanges and mining company merged with Adani Enterprises.
According to scheme, Adani Ports will issue new equity to Adani Enterprises shareholders in the ratio of 14,123 shares for every 10,000 held. Adani Power will issue new equity in the ratio of 18,596 shares for every 10,000 held in Adani Enterprises.
Adani Transmission will issue shares in the ratio of 1:1 to Adani Enterprises shareholders. The shares held by Adani Enterprises in these three companies will be cancelled.
The stock opened at Rs 789 and touched a high of Rs 791 on the NSE. A combined 3.07 million shares changed hands on the counter on the NSE and BSE so far.
At 1052 hours, the stock was down 8% at Rs 728 on the NSE against a 0.07% decline in the CNX Nifty.
