Adani Green Energy raises Rs 402 cr via OFS
The proceeds of the sale will be used by the company for maintaining minimum public shareholding norms
June 14, 2019
Adani Green Energy has raised around Rs 402 crore via sale of 9.35 crore shares by promoters, the company said on Friday in a regulatory filing. The proceeds of the sale will be used by the company for maintaining minimum public shareholding norms.
OFS was announced to meet norms
The norms stipulate that at least 25 percent of the equity should be held by the public. In order to meet that criteria, 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 SB Adani Family Trust) sold 9,35,84,300 shares (cumulatively representing 5.98 percent of paid-up equity share capital) via an OFS,” the filing said.
The floor price for OFS was Rs 43 per equity share.
Before the OFS, the promoters held 80.90 percent equity, which has now been brought down to 74.92 percent after the transaction concluded. The OFS opened on June 12.