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

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

Press Trust of India  |  New Delhi 

adani
Gautam Adani

on Sunday said it plans to raise up to Rs 60 billion through issuance of and in promotor group

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 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 (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, (APL), ATL and AGEL.

As part of this equity-raising programme, the promoter group monetised 4 per cent stake in 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 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."

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

First Published: Sun, July 01 2018. 18:18 IST
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