Adani Green Energy promoters to inject Rs 500 crore in the company via warrant conversion
Adani Green Energy
on Wednesday said its promoters will infuse Rs 500 crore into the company through the conversion of share warrants. The warrants will be issued at Rs 1,480.75 each.
Ardour Investment Holding, a member of Adani Green's promoter group, has exercised 44.90 lakh convertible warrants, paying the remaining 75% of the issue price, or Rs 1,110.56 per warrant. This brings the total inflow to Rs 498.7 crore.
Equity allotment approved
The company's board, through its management committee, approved the allotment of 44,90,416 equity
shares
of face value Rs 10 each at a premium of Rs 1,470.75 per share during a meeting held on April 29. These shares were allotted pursuant to a
preferential allotment
first announced in January 2024, when Ardour was issued 6.31 crore warrants on a private placement basis, with 25% of the consideration paid upfront.
With this allotment, the company's issued, subscribed, and paid-up capital has risen from 158.40 crore shares to 158.85 crore shares.
Promoter holding inches up
Following the share conversion, the promoter group's stake in the company has increased marginally from 60.94% to 61.04%.
Ardour still holds 5.87 crore convertible warrants and can convert the remainder by July 24, 2025, within the 18-month window prescribed by the Securities and Exchange Board of India's (Issue of Capital and Disclosure Requirements) Regulations.
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The newly allotted shares rank pari passu with existing equity in terms of dividend entitlement and voting rights.
Adani Green Energy shares
were trading 0.4% lower in early trading on Wednesday at Rs 918.40 on the BSE.
Also read |
Adani Green Q4 Results: Cons PAT jumps 24% YoY to Rs 383 crore, revenue up 22%
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