Adani Green Energy's 8.75 cr shares to be offered for sale on Tuesday

Adani Green Energy said on Monday 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 on Tuesday.

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 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 per cent public holding. The promoters of the company had 86.50 per cent 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 per cent of the paid-up equity share capital of the company, it said.