Adani Green Energy has received shareholders’ approval for the issuance of over two crore shares worth around Rs 3,850 crore on a preferential basis to Green Energy Investment Holding RSC Ltd. The current major shareholder of Green Energy Investment Holding RSC Ltd is IHC Capital Holding LLC.

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At the extraordinary general meeting (EGM) held on May 3, shareholders approved the issuance of equity shares on a preferential basis to Green Energy Investment Holding RSC Ltd, according to a regulatory filing. In a separate filing, the company stated it has signed a share subscription agreement (SSA) on Monday with Green Energy Investment Holding RSC Ltd for the issuance and allotment of 2,00,18,198 equity shares of the face value of Rs 10 each of the company to the investor on preferential basis.

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The equity shares will be issued at a price of Rs 1,923.25 each (at a premium of Rs 1,913.25 per equity share), the filing said. The total issue size will be worth 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 companies of Adani Group. IHC will invest around 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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Recently, Adani Green Energy became the eighth most valued firm in the country with a market valuation of Rs 4.48 lakh crore after overtaking Bajaj Finance and HDFC. Shares of Adani Green have rallied 110.33% so far this year.

On May 2, shares of Adani Green closed 1.73% down at Rs 2,833.00 on the National Stock Exchange (NSE).