Adani Green Energy Ltd (AGEL) has allotted 1.09 crore equity shares to Ardour Investment Holding, a member of its promoter group, through the conversion of warrants. Consequently, the promoter group shareholding in AGEL has increased from 61.91% to 62.17%.
The warrants were converted into equity shares upon receipt of the balance subscription amount of INR 1,110.56 /- per warrant (i.e. 75% of the issue price), aggregating to around INR 1,208.59 crore.
AGEL had allotted 6.31 crore convertible warrants to Ardour on Jan. 25, 2024, by way of a preferential allotment on a private placement basis. Out of the issue price of INR 1,480.75 per warrant, INR 370.19 (25% of the issue price) per warrant was received as the initial subscription amount at the time of allotment of the warrants.
Ardour now has balance 1,15,76,193 warrants, which it can convert by July 24, 2025 (18 months from the date of allotment).
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