Adani Power shares rise 2% after board approves 1:5 stock split
rose nearly 2% to Rs 575 in Monday's trade after the company announced a 1:5 stock split, aimed at improving
retail participation
. The board has approved subdividing each equity share of face value Rs 10 into five shares of face value Rs 2.
"The subdivision of shares is intended to encourage wider retail participation by making the stock more affordable," it said in a regulatory filing.
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Adani Power Q1 earnings
On Friday, the company also reported a 15.5% year-on-year decline in consolidated net profit to Rs 3,305 crore for the June quarter, compared to Rs 3,913 crore a year ago. Revenue from operations dropped 5.9% to Rs 14,167 crore.
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Earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations came in at Rs 5,744 crore, down from Rs 6,290 crore last year, due to lower revenue and costs from recent acquisitions. On a sequential basis, however, EBITDA rose 12.7%.
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Stock split and record date
The company clarified that the stock split will not change the total share capital of Rs 3,856.9 crore. The record date will be announced after
shareholder approval
. The board also approved changes to the Capital Clause in the Memorandum of Association to reflect the new structure, subject to shareholder and regulatory approvals.
Adani Power
confirmed that it has only one class of equity shares, and all shareholders will receive split shares proportionately.
Adani Power shares price target
According to Trendlyne, the average target price for Adani Power shares is Rs 634, suggesting an upside of around 11% from current levels. The consensus rating from three analysts is a 'Strong Buy'.
The stock has declined 21% over the past 12 months but delivered a 105% return over the last two years. Adani Power's
market capitalisation
currently stands at Rs 2.20 lakh crore.
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