Adani Green Promoter Converts Warrants Worth Rs 209 Crore Into Equity
As per the terms, Ardour Investment can convert the remaining 3.55 crore warrants by July 24, 2025.

Adani Green Energy Ltd. promoter Ardour Investment Holding Ltd. exercised and converted nearly 19 lakh warrants into an equal number of equity shares worth Rs 209 crore.
Consequently, the promoter group shareholding has increased from 61.56% to 61.6%, the company said in a stock exchange filing on Tuesday.
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 3,74,64,326 convertible warrants allotted to Ardour, the promoter entity now opted to exercise and convert 18,84,671 warrants into an equal number of equity shares of face value of 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 3.55 crore warrants by July 24, 2025. The newly issued equity shares will carry equal rights with existing shares, including dividend and voting entitlements.
Shares of Adani Green ended 3% lower at Rs 984.05 apiece on the BSE, ahead of the announcement, compared to a 1% fall in the benchmark Sensex. The stock has fallen 47% in the last 12 months and by 6% so far this year.
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