Adani Group plans to raise up to Rs 60 bn via securities, stake sales

Adani Group on Sunday said it plans to raise up to Rs 60 billion through issuance of securities and stake sales in promotor group companies.

The proceeds from the equity issuance would be utilised to strengthen the balance sheet position of group companies, including deleveraging the power business and to part fund the proposed takeover of integrated business of generation, transmission and distribution of power for Mumbai, the company said in a statement.

"The Adani Group has envisaged an equity-raising programme of Rs 50- Rs 60 billion through a combination of primary issuances and secondary monetisation of promoter group stakes in APSEZ (Adani Ports and SEZ Ltd), ATL (Adani Transmission Ltd) and AGEL (Adani Green Energy Ltd)," it said.

The Adani family through trusts and other entities hold controlling interest in entities including AEL, APSEZ, Adani Power Ltd (APL), ATL and AGEL.

As part of this equity-raising programme, the promoter group monetised 4 per cent stake in APSEZ through block trade, raising Rs 30 billion on June 21 and 29, 2018.

"High quality and long-term foreign institutional investors, Capital Group and Temasek enhanced their holdings in APSEZ. The participation from these long-term investors reiterates investor confidence in APSEZ's business and growth potential," APSEZ CEO Karan Adani said in a statement.
 

The promoter group does not intend to undertake any further monetisation of its 62.3 per cent stake in APSEZ for a period of one year and has "provided an additional voluntary comfort to the above investors that the promoter group holding shall be retained till December 31, 2018."

Adani Group is country's leading integrated infrastructure conglomerates with interests in resources, trading), logistics, energy among others.