Adani Green Energy’s Promoters To Sell Shares Worth Rs 376.25 Crore
A maintenance worker cleans solar panels at a power station in New Delhi, India. (Photographer: Andrew Caballero-Reynolds/Bloomberg)

Adani Green Energy’s Promoters To Sell Shares Worth Rs 376.25 Crore

Promoters of Adani Green Energy Ltd. plan to sell 5.59 percent stake in the renewable energy company.

Adani Tradeline LLP and Universal Trade & Investments will sell up to 8.75 crore shares at a floor price of Rs 43 apiece—a discount of about 0.20 percent to the current market price—through an offer-for-sale, according to an exchange filing.

The offer will open for non-retail investors on May 21 and for retail investors on May 22. If the offer is fully subscribed, the promoters would raise around Rs 376.25 crore. After the transaction, the promoters’ stake in the energy company will fall to 13.28 percent from 18.87 percent.

Shares of Adani Green Energy today ended about 15 percent higher than its previous close. That compares with a 3.7 percent gain in the Nifty 500 Index.

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