Adani Power today said its shareholders have approved a proposal to hive off its flagship Mundra power station to its subsidiary.
The proposed resolution approving the scheme (the Scheme of Arrangement between Adani Power and Adani Power (Mundra) Ltd was passed with the requisite majority by equity shareholders of the company, Adani Power said in a filing to the BSE.
Adani Power board had in June approved a proposal to hive off its flagship Mundra power station to its subsidiary so that it can focus on investment and power generation separately.
The company's objectives are to source funds more efficiently for investing in capacity expansion of its arms or acquiring assets.
The Adani Power board has approved the slump sale of its Mundra Power Business generating 4,620 MW of power to its subsidiary company Adani Power (Mundra) Ltd, the company had said a BSE filing.
The company had said that this transaction will put Mundra undertaking at par with the other operating subsidiaries of the firm with specific strategic focus as well as financial arrangement.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.