Adani Power okays merger with its supposed subsidiary

Adani Power's board has approved the merger with Growmore Trade and Investment. The company did not provide further details about Growmore.

However, it is understood that Growmore is a step-down subsidiary of Adani Power but this could not be immediately confirmed. In a filing to the Bombay Stock Exchange, APL said its board had approved the amalgamation of Growmore with itself. The green signal was given by the board’s merger committee during their recent meeting.

As part of amalgamation, 16,615 equity shares of Adani Power of Rs 10 each would be swapped for every 10,000 ordinary share of Growmore of US $1 each. “After the scheme being effective, on the basis of above referred share swap ratio, about 21.32 crore equity shares of Rs 10 each will be issued,” the filing noted.