(PTI) Adani Power on Saturday said its promoter entity Adani Properties has withdrawn a proposal to delist the company due to non-receipt of in-principle approval of stock exchanges.
The company in a regulatory filing stated that it has received a letter from a member of the promoter group seeking withdrawal of delisting offer.
"The Company (Adani Power) has received a letter dated September 17, 2022 (the “Delisting Withdrawal Letter”) from Adani Properties Private Limited (“APPL”), a member of the promoter and promoter group of the Company (“Promoter Group”), regarding the withdrawal of the delisting offer dated May 29, 2020 and the proposal to voluntarily delist the equity shares of the Company from the BSE Limited and the National Stock Exchange of India Ltd," a BSE filing said.
The company shall be taking necessary steps including inter alia noting and taking on record the Delisting Withdrawal Letter by the Board of Directors of the company, it stated.
"We understand from the company that the company has not yet received in principle approval of the stock exchanges, for the Delisting Offer. Due to non-receipt of in principle approval of the Stock Exchanges, the company and APPL are unable to proceed forward with the Delisting Offer and this has resulted in a substantial and significant delay in proceeding forward with the Delisting Offer - and implementing the voluntary delisting process, as also its commercial viability," Adani Properties said in the letter.
Accordingly, Adani Properties has requested the Board of Directors of the company to take note of its delisting withdrawal proposal and take necessary steps to give effect to the same.
The promoter group collectively holds 289,16,12,567 fully paid-up equity shares of the company (Adani Power), each equity share having face value of ₹10 per share, which collective holding corresponds to 74.97 per cent of the issued and outstanding equity shares of the company.
The Adani Power board had approved ₹33.82 floor price per equity share under delisting offer to buy 96.53 crore equity shares (25.03 per cent equity) with the public for about ₹3,264 crore.
Adani Power shares closed at ₹387.80 on BSE on Friday.