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Adani Power Ltd (APL) on Thursday said the Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.
“We would like to inform you that the National Company Law Tribunal, Bench at Ahmedabad has sanctioned the Scheme of Amalgamation of Six Wholly Owned Subsidiary Companies of Adani Power Ltd,” the company said in an exchange filing.
As per the exchange filing, the subsidiaries to be merged with Adani Power are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.
These companies are wholly-owned subsidiaries of Adani Power. The entire assets and liabilities of these six arms will be transferred to Adani Power.
In March 2022, the company said the proposed amalgamation envisaged under this scheme is intended to achieve size, scalability, integration, improved controls, cost and resource use optimisation, greater financial strength and flexibility, thereby building a more resilient and robust organisation that address dynamic business situations and volatility in various economic factors in a focused manner, to achieve improved long-term financial returns.
There will be no change in the equity shareholding pattern of the company under the scheme, as no shares are being issued by the firm in connection with the scheme, it added.
The six arms of Adani Power are also engaged in the business of generation and sale of power.
Adani Group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation, against the Gautam Adani-led group.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It termed the Hindenburg report baseless and threatened to sue the short seller.
