Adani Ports & SEZ Ltd meets Sebi’s minimum public shareholding norm
Adani Enterprises on Tuesday announced it had divested its 2.50 per cent stake in Adani Ports & SEZ Ltd to comply with the Securities & Exchange Board of India's (Sebi's) 25 per cent minimum public shareholding norm.
The share sale, which generated nearly Rs 1,000 crore for the promoter, was carried out on 4th of June via an institutional placement programme (IPP). The company sold 66,657,520 equity shares of face value of Rs 2 each, at a price of Rs 150 a share.
The company said in a statement, "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."
The company claimed that the IPP was subscribed 2.26 times of the issue size and that it received applications worth Rs 2,260 crore.
Adani Ports and SEZ Ltd was among the 105 private companies, on whom Sebi had cracked the whip last week for not meeting its minimum public shareholding norm.
The capital market regulator now requires all private companies to limit their promoters' shareholding at a maximum of 75 per cent.
Shares of Adani Ports & SEZ Ltd closed at Rs 148.30 apiece on the Bombay Stock Exchange, at a loss of 1.85 per cent.