India's Adani Enterprises Ltd said on Friday its ports and power operations would be spun out into its listed...
India’s Adani Enterprises Ltd said on Friday its ports and power operations would be spun out into its listed subsidiaries to simplify its corporate structure and unlock shareholder value.
Adani Enterprises (AEL), a sprawling conglomerate founded by billionaire Gautam Adani with interests in coal mining, ports, logistics and power, said in a statement that it also plans to list Adani Transmissions Limited on the Bombay Stock Exchange.
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In addition, the group will merge Adani Mining Private Limited into the flagship Enterprises arm.
The restructuring is “expected to unlock value for the shareholders of AEL by eliminating holding company discount,” Adani said.
Adani Enterprises’ stock closed up 7.5 percent, after having climbed more than 9 percent on news of the demerger, its highest level for more than a year.
In a separate statement, Adani said its consolidated earnings before interest, tax, depreciation, and amortisation rose 57 percent for the three months ending Dec. 31 from a year earlier, to 34 billion rupees ($548.39 million). ($1 = 62.0000 Indian rupees)