Promoter entities raise $1 bn by selling shares in Adani Green Energy, AEL

The promoter entities of Adani group sold part of their stake in Adani Green Energy and flagship Adani Enterprises to raise $1 billion.

The proceeds will be used by the promoters to pre-pay debt, banking sources said

About 48 million shares, or 3 per cent of total equity of Adani Green changed hands and 1.6 per cent stake or 18 million shares in AEL was sold via block deals to several investors, the bankers said. Total shares worth Rs 8,542 crore were sold.

Shares of AGEL were trading marginally down at Rs 943 a share, while AEL shares were trading 5 per cent up at Rs 2,393 a share.

The promoters have decided to reduce debt, both at the promoter level and at the company's level, after US based short seller Hindenburg Research made allegations against the company and which resulted in its share prices coming down from their peak. The Adani group has denied the charges and shares have recovered.