Adani Power to merge unit Growmore Trade in $531mn deal
MUMBAI: Adani Power will merge group firm Growmore Trade and Investment Private Ltd, Mauritius with itself, the company said on Thursday, in a stock deal worth 23.6 billion rupees ($531 million).
The merger is effective April 1, 2011, and would be at a share swap ratio of 16,615 shares of Adani Power of 10 rupees each for every 10,000 ordinary shares of $1 each of Growmore, Adani Power said in a statement to the exchange.
A total of 213.2 million shares of Adani will be issued to Growmore as a result of this swap deal, it said.
Ernst & Young Pvt Ltd were independent valuers to the deal and ICICI Securities provided a "fairness opinion", it said.
No other details were provided.
Adani Power shares closed at 110.55 rupees at the National Stock Exchange on Thursday.
Copyright Reuters, 2011
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