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The Adani group, led by Gautam Adani, announced today that he planned to raise 5,000 to 6,000 rupees of shares through a combination of 39,000 and 40,000 rupees. primary and secondary monetization of its interest in some of its subsidiaries
. Other entities hold controlling interests in entities such as Adani Enterprises (AEL), Adani Ports and SEZ (APSEZ), Adani Power (APL), Adani Transmission (ATL) and Adani Green Energy (AGEL)
. The group sold close to 4% stake in APSEZ through a block of 3,000 crore Rs 3,000 crore on June 21 and June 29, 2018, announced the group in a communiqué issued today
. Long-term foreign institutional investors, Capital Group and Temasek have strengthened their holdings in APSEZ and the participation of these investors reiterates investor confidence in the business and growth potential of APSEZ, said Karan, CEO of APSEZ. Adani says:
The group does not intend to continue to monetize its 62.3% stake in APSEZ for a period of one year, he added.
The company said the proceeds of the equity program would be used to strengthen the balance sheet position of the group companies including the deleveraging of the energy sector.
The amount raised would also be used to finance the acquisition of an integrated energy production, transmission and distribution company for Mumbai.
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