Adani Green Energy Ltd (AGEL) has approved the conversion of 44.9 lakh warrants into equity shares by Ardour Investment Holding, a member of the promoter group of the Company.
The warrants, issued to Ardour at a price of INR 1,480.75 each (including a premium of INR 1,470.75 each), 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 499 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.
As per ICDR Regulations, Ardour can convert the balance 5.86 crore warrants by July 24, 2025 (18 months from the date of allotment).
Upon the conversion of 44.9 lakh warrants, AGEL’s paid-up equity capital has increased from INR 15,840,324,780 consisting of 1,584,032,478 shares of INR 10 face value each to INR 15,885,228,940 consisting of 1,588,522,894 shares of INR 10 each. Consequently, the promoter group shareholding stands increased from 60.94% to 61.05%.
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