Adani Power board merger of 6 entities with it
Adani Power board – Adani Power announced on Tuesday that its board of directors has authorised an amalgamation strategy that would see its six wholly-owned subsidiaries merged into the company. “At its General meeting on March 22, 2022, the Board of Directors of Adani Power Ltd endorsed, according to relevant approvals/consents, the Scheme of Amalgamation of multiple wholly-owned entities of the firm,” according to a BSE filing.
Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd are the subsidiaries to be merged with Adani Power, according to the application.
These firms are Adani Power’s wholly-owned subsidiaries.
Adani Power board
The scheme’s appointed date will be October 1, 2021. These six arms’ complete assets and liabilities will be transferred to Adani Power.
It stated that the proposed merger under this scheme is intended to achieve size, scalability, integration, improved controls, cost and resource use optimization, greater financial strength and flexibility, resulting in a more resilient and robust organization that addresses dynamic business situations and volatility in various economic factors in a focused manner, resulting in improved long-term financial returns.
There will be no change in the company’s equity shareholding pattern as a result of the programme, as no shares will be issued in connection with it, it noted.
Adani Power’s six divisions are also involved in the generation and sale of electricity.