Adani Enterprises hits new high on fixing record date for spin off

Shares of Adani Enterprises have moved higher by 2.2% to Rs 804, also its new high on the NSE, after the company fixed June 04, 2015 as the record date for the purpose of scheme of arrangement & demerger.

In January 2015, the company had announced a plan to demerge the group’s port and power operations into Adani Ports & Special Economic Zone (SEZ) and Adani Power. The group’s transmission company will be listed on the stock exchanges and mining company merged with Adani Enterprises.

According to scheme, Adani Ports will issue new equity to Adani Enterprises shareholders in the ratio of 14,123 shares for every 10,000 held. Adani Power will issue new equity in the ratio of 18,596 shares for every 10,000 held in Adani Enterprises. Adani Transmission will issue shares in the ratio of 1:1 to Adani Enterprises shareholders. The shares held by Adani Enterprises in these three companies will be cancelled.

Adani Transmission will be listed on the BSE and the NSE, and Adani Mining will be merged into Adani Enterprises. Meanwhile, shares of Adani Ports & SEZ were up 1.5% at Rs 348 and of Adani Power by 1% at Rs 40.75 on the NSE.