Adani Enterprises extends rally on restructuring plan report

Adani Enterprises has moved higher by 5% at Rs 612, extending its previous day’s 5% rally on BSE, in otherwise subdued market, on reports that the company is set to restructure the shareholding of group companies to offer its shareholders stakes in its listed power and port subsidiaries.

According to a banker, Adani Enterprises shareholders may get 10 Adani Port shares for every seven shares held. Similarly, Adani Enterprises shareholders may get 20 shares in Adani Power for every 11 shares held in Adani Enterprises. The group has already started restructuring by bringing transmission companies under Adani Transmission.

However, Adani Enterprises on Thursday, January 29, 2015 had clarified to BSE that "the board discusses various alternatives as may be feasible to pursue. As of today, there is no such decision taken.”

Adani Enterprises stock opened at Rs 592 and touched a high of Rs 613, its highest level since September 2011 on BSE. Till 1100 hours, a combined 2.15 million shares changed hands on the counter on BSE and NSE.

Adani Power (up 2% at Rs 52) and Adani Port (up 1% at Rs 347) are also trading higher compared to 0.7% decline in benchmark S&P BSE Sensex.