The Gautam Adani-led Adani Group plans to raise about ₹5,000 crore-₹6,000 crore through a combination of primary issuances and monetisation of promoter group stakes in listed group firms.
The Adani familyholds controlling interest in firms including Adani Enterprises Limited , Adani Ports and Special Economic Zone , Adani Transmission Limited and Adani Green Energy Limited and Adani Power Limited.
“The proceeds... shall be utilised towards strengthening the balance sheet position of group companies including de-leveraging the power business and to part fund the proposed acquisition of integrated business of generation, transmission and distribution of power for Mumbai City,” according to a statement from the Adani Group.
The promoter group also monetised about 4% stake in APSEZ through an open market block trade raising ₹3,000 crore on June 21 and June 29, it added.
“Long-term foreign institutional investors, Capital Group and Temasek enhanced their holdings in APSEZ,” said Karan Adani, CEO, APSEZ.
The promoter group does not intend to undertake any further monetisation of its 62.3% stake in APSEZ for a period of one year, said the statement, adding the promoter group holding shall be retained till December 31 this year.
Adani promoters hold 74.92% stake in ATL and AEL, 86.58% stake in AGEL, 73.07% stake in Adani Power and 66.27% stake in APSEZ, according to the latest shareholding available with BSE.