Adani Green Energy no longer a subsidiary of Adani Enterprises

Pursuant to the allotment of further equity shares by Adani Green Energy Ltd (AGEL), the company’s stake in AGEL has been diluted below 50 per cent

Adani Enterprises has announced that Adani Green Energy Ltd is no longer its subsidiary as its stake has been diluted below 50 per cent in the arm.

“…pursuant to the allotment of further equity shares by Adani Green Energy Ltd (AGEL), the company’s stake in AGEL has been diluted below 50 per cent.

“Consequently, AGEL ceased to be a subsidiary of the company from June 6, 2017,” Adani Enterprises Ltd said in a statement.

Early this year there were reports that Adani Green Energy Ltd is planning to raise external equity capital worth $200 million for building a pipeline of projects over 2GW.

 Adani Group has already invested approximately $300 million in the renewable energy business. For further capital requirement, the Group has been discussing with various investment banks.

With PTI Inputs