Adani Green Energy Offers 8.75 Crore Shares For Sale

Adani Tradeline LLP and Universal Trade and Investment together would offer 8.75 crore equity at an offer price of Rs 43 per piece and the OFS will open for one day on Tuesday, May 21, 2019.

Adani Green Energy has issued in a statement that two of its promoters Adani Tradeline LLP and Universal Trade and Investment together would offer 8.75 crore equity at an offer price of Rs 43 per piece.

The offer for sale would open for one day on Tuesday, May 21, 2019, stated a BSE filing.

Adani Tradeline LLP and Universal Trade and Investment proposed to sell 7,57,13,197 and 1,17,86,803 equity shares, respectively, at the floor price of Rs 43 per shares, it added.

The offer for sale is generally done to increase public holding in the company. All companies are mandated to maintain 25 percent public holding. The promoters of the company had 86.50 percent of the equity share capital as on March 31, 2019.

The 8.75 crore shares at a face value of Rs 10 each constitute 5.59 percent of the paid-up equity share capital of the company, it said.

Recently, Adani Green Energy (UP) Limited (AGEUPL), a wholly-owned subsidiary of Adani Green Energy Limited (AGEL) has commissioned 50 MW solar power project in the state of Uttar Pradesh. The off-taker for the said project is the Uttar Pradesh Power Corporation Limited (UPPCL). The project has been developed and will be operated by AGEUPL after it won the contact from UPPCL. The two entities signed a Power Purchase Agreement (PPA) for 25 years, with a tariff, at present, Rs 5.07 per kWh.

The Company has, however, filed an appeal before the Appellate Tribunal for Electricity (APTEL) challenging reduction in PPA tariff from Rs 8.44/kWh to Rs 5.07/kWh by Uttar Pradesh Electricity Regulatory Commission (UPERC).

In February, Adani Renewable Energy Park (Gujarat), another wholly-owned subsidiary had been awarded a tender to set up 150 MW of solar power projects in the state of Gujarat.