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 Kutch Power Generation Ltd and Singapore-based Adani
Shipping Pvt 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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can share your knowledge or evidence of systemic misconduct, potential fraud or
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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.
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