Adani Green Powers Up: Ardour Investment Converts 5.4 Million Warrants, Boosting Stake and Capital

Image Source: Business Outreach

Adani Green Energy Ltd (AGEL) has notified allotment of 5.4 million equity shares to Ardour Investment Holding Ltd, a part of its promoter group, following exercise and conversion of an equal number of share warrants. This is pursuant to a previously approved preferential allotment, where Ardour was allotted 63.1 million convertible warrants in January 2024 at an issue price of ₹1,480.75 per warrant, of which 25% of the consideration was received upfront.

The conversion recently consisted of Ardour issuing the balance 75% of issue price, totaling ₹1,110.56 per warrant, totaling around ₹599 crore. The issued, subscribed, and paid-up equity share capital of AGEL has, with this allotment, risen from 1,593,083,278 shares of ₹10 each to 1,598,473,946 shares of ₹10 each. The shareholding of the promoter group has also risen marginally from 61.16% to 61.29%.

The new shares so subscribed are pari passu with the current equity in respect of dividend rights and voting rights. Ardour has an option to exercise the remaining 48.7 million warrants by July 24, 2025, under SEBI's capital guidelines. This capital injection is likely to further enhance the financials of AGEL as it goes about its business of expanding in the renewable energy space.

Source: Business Standard