Adani Group plans to raise up to Rs 6,000 cr via securities, stake sales
02 July 2018
Gutam Adani-led Adani Group today said it plans to raise up to 6,000 crore through a combination of issuance and sale of promoter's stake in group companies.
The promoter stakes in the various group companies are — 74.92 per cent in Adani Transmission Limited and Adani Enterprises Limited, 86.58 per cent stake in AGEL, 73.07 per cent stake in Adani Power and 66.27 per cent stake in Adani Ports and Special Economic Zone.
The Adani family's controlling stake is held through trusts and other entities.
The Group plans to use the proceeds from the equity issue to strengthen the balance sheet position of the group companies, including deleveraging the power business and to part fund the proposed takeover of integrated business of generation, transmission and distribution of power for Mumbai, .
It said in a statement "The Adani Group has envisaged an equity-raising programme of Rs 5,000- Rs 6,000 crore through a combination of primary issuances and secondary monetisation of promoter group stakes in APSEZ (Adani Ports and SEZ Ltd), ATL (Adani Transmission Ltd) and AGEL (Adani Green Energy Ltd)."
On 21 and 29 June, the promoter group monetised a 4-per cent stake in APSEZ through block deal, netting Rs3,000 crore.
"High quality and long-term foreign institutional investors, Capital Group and Temasek enhanced their holdings in APSEZ. The participation from these long-term investors reiterates investor confidence in APSEZ's business and growth potential," APSEZ CEO Karan Adani said.
The promoter group does not intend to undertake any further monetisation of its 62.3 per cent stake in APSEZ for a year and has "provided an additional voluntary comfort to the above investors that the promoter group holding shall be retained till 31 December 2018."