Adani Green Energy Raises Rs 402 crore Through Offer For Sale

Adani Green Energy Raises Rs 402 crore Through Offer For Sale

Adani Green Energy has offloaded roughly 6% stake and raises Rs 402 cr capital through OFS

Adani Green Energy on Friday said that it has raised around Rs 402 crore through sale of 9.35 crore shares by promoters for maintaining minimum public shareholding norms.

Under the norms, at least 25 percent of the equity should be held by the public. Therefore, the company came up with an Offer for sale (OFS) to offload equity shares.

Gautam S Adani & Priti G Adani (on behalf of Gautam S Adani Family Trust) and Gautam S Adani & Rajesh S Adani (on behalf of S B Adani Family Trust) sold 9,35,84,300 shares (cumulatively representing 5.98 percent of paid-up equity share capital) via an OFS, as per a BSE filing.

The floor price for Adani Green Energy OFS was Rs 43 per equity share. Prior to the OFS, the promoters held 80.90 percent equity, which was reduced to 74.92 percent after the transaction concluded Thursday. The OFS opened on June 12, 2019.

The company builds, owns, and operates power plants powered by renewable sources of energy such as solar and wind. It had an installed capacity of 1,958 MW (solar: 1,898MW and wind: 60MW) as of 31 December 2018, across 11 states. on May 14, 2019, Adani Green Energy (UP) Limited (AGEUPL), a wholly-owned subsidiary of Adani Green Energy Limited (AGEL) commissioned 50 MW solar power project in the state of Uttar Pradesh.

The stake sales were planned to bring down the promoter shareholding in the company to 75% to meet norms of the Securities and Exchange Board of India on minimum public shareholding, which require listed companies to have at least 25% public shareholding.

The latest effort follows a similar stake sale by the promoters in March. At the time, two promoter entities Adani Tradeline Llp and Universal Trade and Investment sold about 87.5 million shares through an offer for sale. The two collectively sold 5.59% stake in the company.

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