Adani Power surged 7.69% to Rs 39.20 after the company said its board will meet on 3 June 2020 to consider a proposal to delist equity shares from the domestic stock exchanges.
On 29 May 2020, the company received a proposal from Adani Properties (APPL), a member of the promoter and promoter group of the company, for voluntary delisting the equity shares of the company from BSE and NSE.
The promoter group collectively held 74.97% stake while the public shareholders held 25.03% stake in the company as on 29 May 2020.
Adani Power's board will consider the delisting proposal pursuant to the receipt and consideration of a due diligence report from a merchant banker appointed for the said purpose by the company.
In the past three months, the stock lost 23% to Rs 36.40 on the BSE on Friday (29 May). During the same period, the S&P BSE 200 index (of which Adani Power is a constituent) fell 14.4% while the benchmark S&P BSE Sensex declined 15.3%.
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The company reported a consolidated net loss of Rs 1,312.90 crore in Q4 March 2020 as against net profit of Rs 634.64 crore in Q4 March 2019. Net sales fell 8.17% to Rs 6,172.43 crore in Q4 FY20 over Q4 FY19.
Adani Power is engaged in providing electric power generation by coal-based thermal power plants and coal trading.
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