Adani Green Energy’s promoters are planning to sell 5.59 per cent stake in the renewable energy company.
Shares at a floor price of Rs 43 a piece to 8.75 crores would be sold by Adani Tradeline LLP and Universal Trade and Investments. According to an exchange filing, a discount of about 0.20 per cent to the current market price – through an offer-for-sale.
This offer will open for retail investors on May 22 and for non-retail investors on May 21. The promoters are supposed to raise around Rs 376.25 crore if the offer is fully subscribed. After the transaction, the promoter’s stake in the energy company will fall to 13.28 per cent from 18.87 per cent.
Shares of the Adani Green Energy today ended about 15 per cent higher than its previous close. That compares with a 3.7 per cent gain in the Nifty 500 Index.