Promoters raise $500 mn via Adani Green stake sale to QIA
MUMBAI : The promoters of Adani Group raised about $500 million by selling a part of their holdings in Adani Green Energy Ltd to investors, including INQ Holding Llc, a wholly owned unit of sovereign fund Qatar Investment Authority (QIA). This is one of the several recent stake sales by billionaire Gautam Adani aimed at cutting promoter-level debt and releasing stock pledges. At current market prices, around ₹31,095 crore ($3.75 billion) is required by the promoters to release the shares pledged by the promoters in five key group firms.
Additionally, shares worth $7.18 billion or ₹59,436 crore and ₹2,532 crore are pledged by the promoters in Ambuja Cements Ltd and ACC Ltd. QIA has been a significant investor in the Adani Group. In 2020, it invested ₹3,220 crore to acquire a 25.1% stake in Adani Electricity Mumbai Ltd, a part of the group’s energy distribution arm, Adani Transmission Ltd.
According to regulatory filings, Infinite Trade and Investment Ltd, an Adani Group promoter, cut its stake from 3.37% to 2.83% in Adani Green. In a series of block deals, Infinite Trade and Investment sold 42.6 million shares of Adani Green to QIA at ₹920 per share, worth around $474 million. An additional 2.28 million shares were sold by the Adani group promoter to other investors.
Shares of Adani Green fell 4.7% to ₹965 on BSE. On 23 May, Mint first reported that Adani Green is in talks with global fund managers to raise $500-750 million as India’s largest renewables company revives its capex plans after the Hindenburg setback in January. “The fundraising will include the sale of new shares, as well as promoter shares worth 3-4% held by Adani family entities, including group founder Gautam Adani (on behalf of Shantilal Bhudermal Adani
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