Adani Green Energy promoters to sell stake worth Rs 4.02 billion via OFS

The promoters of Adani Green Energy Limited will sell a 5.98 per cent stake in the company through an offer for sale (OFS). The stake sales are being planned to bring down the promoter shareholding in the company to 75 per cent to meet norms of the Securities and Exchange Board of India on minimum public shareholding, which require listed companies to have at least 25 per cent public shareholding. As of 31 March 2019, the promoters of Adani Green Energy held 86.5 per cent stake in the company. The promoters aim to collectively sell 93.5 million shares of the company. The promoters have set a floor price of Rs 43 for the share sale, which will value the stake at Rs 4.02 billion.

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