Adani Enterprises —the flagship of the USD 9.4 billion Adani Group—Friday announced a complex restructuring of its various businesses in an attempt to simplify its corporate structure.
Under the terms of the recast, Adani Enterprises (AEL) port business will be transferred to subsidiary Adani Ports and Special Economic Zone , its power businesses to Adani Power (APL), and transmission business to unlisted Adani Transmissions, which will subsequently be listed.
Also, Adani Mining Private Limited (AMPL), a wholly owned subsidiary of AEL is proposed to be merged into AEL.
The scheme is subject to approvals from the stock exchanges, Sebi, shareholders, creditors and the Gujarat High Court.
Once approved, this is what the share swap ratio will be for each of the transfers:
Adani Ports to issue 14123 shares for every 10000 shares of Adani Enterprises
Adani Power to issue 18596 shares for every 10000 shares in Adani Enterprises
Adani Transmission to issue one share for every one share in Adani Enterprises
Following are the highlights of the restructuring:
(Excerpts from the press release)
* Demerger of the Port Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the Belekeri port and the investment of AEL in APSEZ into APSEZ;
* Demerger of the Power Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the 40MW solar power project at Bitta village, Kutch district of Gujarat and the investments of AEL in APL into APL;
* Demerger of the Transmission Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities related to the Mundra-Zedra transmission line and the investment of AEL in ATL into ATL;
* Merger of AMPL into AEL
The restructuring will become effective from April 1, 2015, the company said in its release.
"The scheme of arrangement will simplify corporate structure providing the shareholders of AEL direct shareholding in the respective operating companies, listing of one of the largest private sector transmission companies with over 5,000 circuit kms of transmission lines across Western, Northern and Central regions of India and increase free float at APL and APSEZ," the company release said.
The company further said Adani Transmission was in the process of acquiring 100 per cent of the outstanding equity share capital of Adani Transmission (India) (ATIL) from APL and Adani Power Maharashtra Limited (APML, a wholly owned subsidiary of APL). ATL is also in the process of acquiring 100% of the outstanding equity share capital of Maharashtra Eastern Grid Power Transmission Company Ltd. (MEGPTCL) from AEL, the company said.
Adani Enterpris stock price
On January 29, 2015, Adani Enterprises closed at Rs 629.50, up Rs 45.50, or 7.79 percent. The 52-week high of the share was Rs 646.00 and the 52-week low was Rs 210.40.
The company's trailing 12-month (TTM) EPS was at Rs 2.48 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 253.83. The latest book value of the company is Rs 91.24 per share. At current value, the price-to-book value of the company is 6.90.
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