Adani Green Energy raises 402 crore through offer for sale

  • At least 25% of the equity should be held by public
  • The company came up with OFS to offload equity shares

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

Under the norms, at least 25% of the equity should be held by public. Therefore, the company came up with 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% of paid-up equity share capital) via an OFS, as per a BSE filing.

The floor price for OFS was 43 per equity share.

Prior to the OFS, the promoters held 80.90% equity, which was reduced to 74.92% after the transaction concluded Thursday. The OFS opened on 12 June, 2019.

This story has been published from a wire agency feed without modifications to the text.