Adanis in restructuring mode
25 Aug 2010
Adani, the promoters of Mundra Port and Special Economic Zone Ltd (MPSEZ), have decided to merge 81 per cent og its equity holding with Adani Enterprises Ltd (AEL), the flagship company of Ahmedabad-based Adani group.
With this, MPSEZ will become a subsidiary of AEL. The proposed merger will, however, not affect non-promoter shareholders of MPSEZ.
The board of directors of AEL at their meeting here on Friday last, also announced bonus shares in the ratio of 1:1 to its shareholders.
The restructuring exercise would bring all group businesses under one flagship entity AEL.
"The board has empowered a special committee to evaluate the proposal on the basis of requisite legal and financial advice," said Gautam Adani, chairman of Adani group.
The Adani group has business interests in coal trading and mining, power generation and transmission, oil and gas, agriculture and port and SEZ.
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