Adani Ports raises Rs 1,000 cr through institutional placement

Adani Group-owned Adani Ports and Special Economic Zone Limited (APSEZ) has raised Rs 1000 crore through institutional placements, thereby reducing the promoter shareholding in the company from 77% earlier to 75% now.

 

“APSEZ has successfully raised Rs 1000 crore by issuing equity shares to qualified investors via an institutional placement program (IPP)…. The IPP was undertaken to comply with the regulatory requirement of limiting promoter holding to 75%,” the company informed in a statement issued to the stock exchanges on Tuesday.

 

“Upon issue and allotment of equity shares under the IPP, the shareholding of the promoter, Adani Enterprises Ltd, in Adani Ports and SEZ Ltd, has been reduced from 77.5% to 75% in line with the conditions prescribed by SEBI,” it said.

 

The issue price for the IPP was finalized at Rs 150 per equity share by the Finance Committee of Board of Directors of the company. Pursuant to this the company has issued 66,657,520 equity shares of face value of Rs 2 each, at a premium of Rs 148 a share.

 

The issue size amounting to 2.5% of the post-issue revised paid-up share capital saw active participation from a mix of global and domestic institutional investors. The IPP was subscribed 2.26 times of the issue size and had received applications worth Rs 2,260 crore, the company informed.