The promoter of Adani Ports and Special Economic Zone — Adani Enterprises — has sold 2.5 per cent of its holding to qualified investors for about Rs.1,000 crore to meet the Securities and Exchange Board of India’s guidelines on minimum public shareholding for listed companies.
Shares were sold through the institutional placement programme (IPP), the company said.
The IPP was subscribed 2.26 times of the issue size and had received applications worth Rs.2,260 crore.
The issue price was decided at Rs.150 per equity share. The company has already issued 66.7 million equity shares of the face value of Rs.2 each, at a premium of Rs.148 a share.
“Upon issue and allotment of equity shares under the IPP, the shareholding of the promoter, Adani Enterprises, in Adani Ports and SEZ, has been reduced from 77.5 per cent to 75 per cent. Thus, the company has complied with the (SEBI) minimum public shareholding criteria,” the company added.
Shares of Adani Ports closed with a loss of 1.85 per cent at Rs.148.30 on the BSE.
