New Delhi: The Adani Group has envisaged an equity-raising program of INR 5,000- 6,000 Crores through a combination of primary issuances and secondary monetization of Promoter Group stakes in APSEZ, ATL and AGEL.
One of the biggest business family through trusts and other entities (“Sponsor Group”) hold controlling interest in entities including Adani Enterprises Limited (“AEL”), Adani Ports and SEZ Limited (“APSEZ”), Adani Power Limited (“APL”), Adani Transmission Limited (“ATL”) and Adani Green Energy Limited (“AGEL”).
The proceeds from the equity issuances shall be utilized towards strengthening the balance sheet position of group companies including deleveraging the power business and to part fund the proposed acquisition of the integrated business of generation, transmission and distribution of power for Mumbai City.
As part of this equity-raising program, the Promoter Group monetized 4 per cent stake in APSEZ through an on market block trade raising INR 3,000 Crores on June 21 and June 29, 2018.
Karan Adani, CEO, APSEZ said that “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.”
The Promoter Group does not intend to undertake any further monetization of its 62.3 per cent stake in APSEZ for a period of 1 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 – The Business ‘Powerhouse’
It is one of India’s largest integrated infrastructure conglomerates with interests in Resources (coal mining and trading), Logistics (ports, logistics, shipping and rail), Energy (renewable and thermal power generation, transmission and distribution), and Agro (commodities, edible oil, food products, cold storage and grain silos), Real Estate, Public Transport Infrastructure, Consumer Finance and Defence.
Headquartered in Ahmedabad, India, the Group has operations across the world. The group owes its success and leadership position to its core philosophy of ‘Nation Building’. The Group is committed to protecting the environment and improving communities through its CSR programme based on the principles of sustainability, diversity and shared values.