Adani Green shares jumped as much as 4.8% on Tuesday after the promoters said they were planning to sell up to 5.59% stake in the company through the offer for sale (OFS) route.
The two promoters of Adani Green Energy -- Adani Tradeline LLP and Universal Trade and Investment -- plan to sell 87.5 million equity shares at Rs 43 apiece.
The OFS will open for subscription on Tuesday for non-retail investors and on Wednesday for retail investors.
The OFS enables promoters to dilute their holdings in listed companies in a transparent manner with a wider participation through the stock exchange platform.
The promoters of Adani Green had 86.5% of the equity share capital as on 31 March 2019. The OFS has been launched to meet the market regulator’s minimum public shareholding norm. As per the Securities and Exchange Board of India’s (Sebi’s) regulation, every listed company needs to maintain a public shareholding of at least 25%.
In a separate development, Adani Green Energy and ReNew Power emerged as the only two bidders in the latest tranche of Solar Energy Corporation of India’s wind solar hybrid tender for 1,200 MW of capacity, according to a media report.
Adani Green Energy made techno-commercial bids for 600 MW, the report added.
Solar Energy Corporation of India is the renewable energy ministry’s nodal agency through which it conducts wind and solar auctions
At 11:24am, Adani Green shares were trading 2% higher at Rs 44 apiece on BSE.
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