Adani Green Allots Shares Worth ₹4.99 Billion To Promoter Group

Adani Green Energy Ltd. on Tuesday said its board has approved the allotment of 4.49 million shares to promoter group entity Ardour Investment Holding Ltd. after converting an equal number of warrants. These shares, issued at a premium of ₹1,470.75 each, amount to a total value of ₹4.99 billion, the company said in a filing.

The warrants were part of the 63.14 million convertible warrants issued to Ardour Investment Holding in January through a preferential allotment on a private placement basis. Following the conversion, the promoter group's stake in the company will rise slightly to over 61% from 60.9%.

The remaining 58.65 million warrants can be converted by July 24.

In December, Adani Green had announced plans to raise ₹93.5 billion through preferential allotments to Ardour Investment Holding and Adani Properties Pvt. Ltd., with the funds earmarked to reduce debt and boost capital expenditure.