Adani Power board on Wednesday appointed merchant banker Vivro Financial Services Pvt Ltd to evaluate the proposal to delist its equity shares from BSE and National Stock Exchange.
The board in its meeting on Wednesday appointed Vivro Financial Services Private Limited, a Category-I Merchant Banker registered with the Securities and Exchange Board of India for evaluating delisting proposal, the company said in a BSE filing.
The board in its meeting on Wednesday also authorised certain identified personnel to provide all details and information to the merchant banker for carrying out due diligence on the delisting proposal.
It stated that after the receipt of the due diligence report from the merchant banker, the board will again meet to discuss the Delisting Proposal in detail.
Shares of the company dropped nearly 6 per cent to Rs 37.80 on BSE.
Earlier last week, the company had told bourses that one of its promoters, Adani Properties Private Ltd, has proposed volunteer delisting of the company shares.
In the delisting proposal, Adani Properties had expressed its intention either by itself or together with other members of the Promoter Group as the case may be to acquire all the equity shares of the Company, each equity share having face value of Rs 10 held by the public shareholders of the company.
The promoter group collectively holds 2,89,16,12,567 equity shares of the company representing 74.97 per of the paid-up equity share capital.
Public shareholders hold 96,53,26,374 equity shares, which corresponds to 25.03 per cent in of the paid-up equity share capital.