At meeting held on 30 January 2015
The board of directors of Adani Power (APL) at its meeting held on 30 January 2015 unanimously approved the scheme of demerger of the diversified businesses of its parent company, Adani Enterprises.Key Highlights of the Scheme -
Demerger of the Power Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the 40MW solar power project at Bitta village, Kutch district of Gujarat and the investments of AEL in APL into APL;
The shareholding of AEL in APL shall be cancelled on the Scheme being made effective and APL shall issue new Equity Shares to the equity shareholders of AEL in the ratio of 18,596 equity Shares in APL for every 10,000 equity shares held by such equity shareholder of AEL in AEL as of the 'Record Date' to be determined for the purpose of the Scheme; and
The appointed date for the Scheme, being the date on which the Power Undertaking shall vest in the APL, has been fixed at 01 April 2015.
The demerger is expected to close by 31 December 2015. It may however be noted that this is only an indicative timeline and is subject to timely receipt of all applicable regulatory and statutory approvals.
Powered by Capital Market - Live News
