Adani Power hikes promoter holding to 75%

With the preferential allotment Adani Power has raised around Rs 2,542 cr

Adani Group’s power arm, Adani Power Ltd has allotted a total of 478.65 million equity shares to promoter group on preferential basis on Tuesday taking the total promoter holding in the company from 70 per cent to 75 per cent.

With the preferential allotment to promoter group, Adani Power has raised around Rs  2,542 crore.

In a filing with the Bombay Stock Exchange (BSE), Adani Power informed that the allotment committee of the Board of Director of the company has allotted 449.8 million equity shares to Adani Enterprises Ltd (the holding company) and 28.8 million shares to Vinod Adani (a part of promoter group) at a price of Rs  53.11 per share (including premium of Rs  43.11 per share) on preferential basis on May 28, 2013.“The said preferential issue was made in accordance with the prevailing SEBI regulations,” the company noted. Consequent to above allotment, paid up share capital of the company has been increased to Rs  2871.92 crore, the company informed.

Notably, in the March quarter of the last fiscal 2012-13, promoter and promoter group holding in Adani Power was hiked to 70 per cent from 68.32 per cent as on December 2012. Vinod Adani held 28.9 million shares or 1.21 per cent stake in Adani Power. Adani Power shares ended negative on Tuesday at Rs  57.25 down by 1 per cent from its previous close on the Bombay Stock Exchange (BSE).