Adani Green Energy Friday said it has raised around Rs 402 crore through sale of 9.35 crore shares by promoters for maintaining minimum public shareholding norms.
Under the norms, at least 25 per cent of the equity should be held by public. Therefore, 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 S B Adani Family Trust) sold 9,35,84,300 shares (cumulatively representing 5.98 per cent of paid-up equity share capital) via an OFS, as per a BSE filing.
The floor price for OFS was Rs 43 per equity share.
Prior to the OFS, the promoters held 80.90 per cent equity, which was reduced to 74.92 per cent after the transaction concluded Thursday. The OFS opened on June 12, 2019.