Adani Transmission Ltd announced on Tuesday that it has received shareholder approval for the issuance of 1.56 crore shares worth approximately Rs 3,850 crore on a preferential basis to Green Transmission Investment Holding RSC Ltd.
At present, IHC Capital Holding LLC is the major shareholder of Green Transmission Investment Holding RSC Ltd.
At an extraordinary general meeting called on Tuesday, shareholders approved the issue of preferred shares to Green Transmission Investment Holding RSC Ltd, according to a regulatory filing.
In a separate filing, the company said on Monday it signed a share subscription agreement with Green Transmission Investment Holding RSC for the issue and allotment of 1,56,82,600 shares with a par value of Rs 10 each to the investor on a preferential basis.
A total of 1,56,82,600 shares will be issued at a price of Rs 2,454.95 per share (with a premium of Rs 2,444.95 each), the filing said.
The total size of the issue stands at around Rs 3,850 crore.
The deal is part of the 7.3 billion dirhams ($2 billion) investment to be made by the UAE’s International Holding Company (IHC) in three Adani Group companies.
IHC will invest Rs 3,850 crore in Adani Green Energy Ltd (AGEL), Rs 3,850 crore in Adani Transmission Ltd (ATL) and Rs 7,700 crore in Adani Enterprises Ltd (AEL).
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