Adani Enterprises shares hit all-time high
Shares rise after the company fixed 4 June as a record date for the purpose of scheme of arrangement and demerger
Mumbai: Shares of Adani Enterprises Ltd hit an all-time high on Tuesday after the company fixed 4 June as a record date for the purpose of scheme of arrangement and demerger.
In intra-day trading, it touched an all-time high of ₹ 803.90 a share and rose as much as 2.2% from its previous close. Since 1 April till date, Adani Enterprises has risen 29.7% while year-to-date it has gained 64.66%.
On 31 January, Mint reported that the company is considering separating its transmission business and spinning it off into a separate entity.
According to the arrangement, the ports business of Adani Enterprises will be folded into Adani Ports and Special Economic Zone Ltd and all its power assets will be merged with Adani Power Ltd.
The power transmission business will be run by Adani Transmissions Ltd, which the group plans to list on the BSE and the National Stock Exchange. The listing of Adani Transmissions, which has over 5,000 circuit kilometres of power lines in western, northern and central India, is expected to unlock value. Adani Mining Pvt. Ltd will be folded into Adani Enterprises.
Shares of Adani Enterprises closed 0.82% higher at ₹ 792.85 apiece. Adani Power declined 0.37% to ₹ 40.20, while Adani Ports and Special Economic Zone Ltd rose 0.54% to ₹ 345.05. The BSE benchmark Sensex fell 0.41% to 27,531.41 points.
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