Adani Green Promoter Converts Warrants Worth Rs 84.6 Crore Into Equity

Adani Green Energy Ltd. promoter Ardour Investment Holding Ltd. exercised and converted over 7.61 lakh warrants into an equal number of equity shares worth Rs 84.6 crore.

Consequently, the promoter group shareholding has increased from 61.14% to 61.16%, the company said a stock exchange filing on Wednesday.

In January 2024, Adani Green had allotted 6.3 crore convertible warrants to Ardour by way of a preferential allotment on a private placement basis to raise funds.

The issue price was Rs 1,480.75 per warrant, out of which Rs 370.19 per warrant was received as the initial subscription amount at the time of allotment.

Out of the balance 5,48,54,565 convertible warrants allotted to Ardour, the promoter entity now opted to exercise and convert 7,61,688 warrants into an equal number of equity shares of face value Rs 10 each.

The board approved the allotment of these shares at a premium of Rs 1,470.75 apiece against receipt of the balance subscription amount of Rs 1,110.56 per warrant (i.e. 75% of the issue price).

As per the terms, Ardour can convert the remaining 5.4 crore warrants by July 24, 2025. The newly issued equity shares will carry equal rights with existing shares, including dividend and voting entitlements.

A day prior, Adani Green allotted 37.98 lakh equity shares to Ardour, following the conversion of an equal number of warrants.

Shares of Adani Green ended 0.65% lower at Rs 917.4 apiece on the BSE, ahead of the announcement, compared to a 0.13% gain in the benchmark Sensex. The stock has fallen 47% in the last 12 months and by 12% so far this year.