Adani Power gets shareholders nod to convert debt into equity

Adani Power has received shareholders’ approval to convert debt or parts those of up to Rs 35,000 crore into fully paid up equity shares of the company.

The proposed special resolution for converting debt of up to Rs 35,000 crore into fully paid up equity shares of the company was passed with over 96 per cent votes, Adani Power said in a BSE filing today.

According to the statement, the proposed resolution to issue 39.81 crore equity share to promoters and promoters group of companies was also passed with 100 per cent votes polled in favour of the proposal.

The company has said that the proposed issue of shares will not result into change in the management control the company.

After this issue the stake of Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S B Adani Family Trust) will increase from 39.35 per cent to 42.15 per cent.

Similarly, the stake of Adani Properties Pvt Ltd a promoters group company will increase to 11.31 per cent from 7.8 per cent, the statement stated.

Source
http://energy.economictimes.indiatimes.com/news/power/adani-power-gets-shareholders-nod-to-convert-debt-into-equity/50691872

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