Adani Port Special Economic Zone Ltd's share price was $70.305 at 4pm on July 1. Adani Power Ltd's last traded share price was $13,500 to $4.19 on the NSE. "Adani Power informs the exchange about the clarification of an article published in the Economic Times ES-3 about the freezing of FPL's own Adani power shares.
Shares in Adani Power Ltds fell from Rs 15.58 on Thursday to Rs 88.75 amid investor concerns following the SECBI probe of India (SECBI). Two people familiar with the investigation said the Securities and Exchange Board (Sebi) is also under scrutiny after the company announced it would buy back shares at a price 65% below the current market price. A few days after the billionaire Gautam Adani, who runs the company, announced his intention to take his shares off the Indian stock exchange, Adani Powers "promoter Adani Properties proposed to buy back some of the shares of Companys.
The company (s) acquired Kutchh Power Generation Ltd and Singapore-based Adani Shipping Pte Ltd by buying shares in both companies at par value. On April 12, 2007, the company was transformed into a public limited company and the company changed its name to Adani Power Ltd. In the financial year 2009 / 10, the company went public on the capital markets with an IPO of 30,136,521,031 shares at a premium of 10 rupees, which corresponds to a premium of 90 rupees per share. On 20 August 2009, the company was listed on Bombay Stock Exchange Ltd (BSE) and the National Stock Exchange of India Ltd (NSE).
In May 2015, the company announced the acquisition of Udupi Power Corporation, which became the largest electricity producer in the country with a total capacity of 10,440 MW. On June 6, 2017, Adani Power announced that its Board of Directors would review and approve the sale of Mundra Power Generating to its subsidiary Adani Powers Mundra Limited. The Company intends to sell electricity from various transmission lines and projects over 3,000 km in length in combination with long-term PPAs on a dealer basis.
Earlier this week, Adani chairman Gautam Adani said the Adani group had met its target to build 25 gigawatts (GW) of renewable energy capacity in India four years before the time-table.
One of the reasons es companies invest in green energy is that it attracts value buyers. When a company is delisted from an exchange, it convinces investors that the share price will rise. In this case, a delisting company may offer shareholders a premium to the current share price on the market.
In the event of an involuntary delisting, shares of the delisted company and its full-time directors, promoters and group companies are for ten years excluded from access to the securities market from the date of compulsory delisting. Stockbrokers can accept securities on a client's margin to commit to the Deposit Facility (WEF
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In the case of the delisting of Adani Power shares, given the low valuation and market correction
since March 2020, this may be seen as an effort by promoters to raise its stake at a more attractive price. This has left many unresolved questions in the minds of investors, as many are not sure how delisting the shares will affect their investments. Several investors remain hopeful that the allegations against the Adani Group will prove false and that the company and its promoters will provide satisfactory justification in the forthcoming SEBI investigation.
Ravi Singhal of GCL Securities sees the share price at Rs 255 in six to eight months. With 936 stop losses, the intra-day buy-trade target is $11,522.