Adani Enterprises to demerge renewable power business

New Delhi: Adani Enterprises on Saturday said that it will demerge the “Renewable Power Undertaking” into Adani Green Energy Limited (AGEL).

The company said that the move will result in listing of AGEL on the BSE and the National Stock Exchange of India.

According to a company statement, the scheme will simplify the business structure providing the shareholders of AEL direct shareholding in AGEL.

“Transaction is expected to unlock the value of renewable power undertaking currently embedded in the value of AEL by eliminating holding company discount and providing financial flexibility for raising capital for sustainable growth of renewable energy business,” the statement said.

The company added that transaction contemplated under the scheme is expected to close by the first quarter of 2018.