Mumbai: The Adani Group is to split its two main businesses into distinct, separate arms, with all its ports business being moved into Adani Ports and Special Economic Zone (APSEZ), and all its power assets being merged into a new company, Adani Transmissions Ltd.
The entire power generation and transmission business will be run by Adani Transmissions Ltd, which the group plans to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
When it is listed, Adani Transmissions, which has over 5,000 circuit kilometres of power lines in western, northern and central India, is expected to unlock substantial shareholder value.
Meanwhile, the Rs10 ($0.16) face value shares of the group holding company, Adani Enterprises Ltd (into which Adani Mining Private Ltd has been merged), hit an all-time high on Tuesday after the company fixed 4 June as the record date for the scheme of arrangement and demerger.
In intra-day trading, the stock touched an all-time high of INR804, up 2.2% from its previous close. In the 55 days since the start of fiscal 2015-16, Adani Enterprises has risen by 29.7%, while, in the 12 months to date, it has gained 64.7%.
The APSEZ share also rose 1.3% to INR347.70, on a day when the BSE benchmark Sensex fell 0.23% to 27,579.94 points.