Adani Green Energy OFS subscribed 43% on Day 1

NEW DELHI: The offer for sale (OFS) of Adani Green Energy was subscribed 42.78 per cent on the first day of the issue on Tuesday.

The issue received institutional bids for 3,36,91,040 shares against the total size of 8,75,00,000 shares. The 8.75 crore shares at a face value of Rs 10 each constitute 5.59 per cent of the paid-up equity share capital of the company.

As many as 7,87,50,000 shares, which is 90 per cent of the offer size, are offered to institutional investors. The remaining 10 per cent, or 87,50,000 shares, is reserved for retail investors. The issue will open for retail investors on Wednesday.

The company on Monday said that two of its promoters Adani Tradeline LLP and Universal Trade and Investment together would offer 8.75 crore equity at an offer price of Rs 43 per piece on Tuesday.

Adani Tradeline LLP and Universal Trade and Investment proposed to sell 7,57,13,197 and 1,17,86,803 equity shares, respectively.