The markets have rewarded investors for resisting recent attempts by promoters to go private, but they do expose the downside of SEBI’s pricing mechanism for buyback offers.
Last Saturday, Adani Power notified stock exchanges of its intention to withdraw its application to delist from the stock markets.
Its shareholders had approved the move to delist back in June 2020. The company submitted its application to the exchanges for their approval in January 2021. But the exchanges did not give the company the go-ahead to voluntarily delist. Adani Power cites this (and the delay) as a reason for withdrawing its application.
Adani Power had mooted the decision to delist in May 2020, when its shares had plunged, in line with the broader market that had fallen sharply since …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai