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Web Exclusive | October 2012

Adani Agro divests marginal stake

Adani Agro, promoter of Adani Power, has successfully divested marginal stake of 1.63 per cent stake in the company through offer-for-sale. The offer was fully subscribed at a clearing price of Rs 54.20 a share.

Adani Agro offered to sell 3.56 crore shares, for which it received bid for 4.93 crore shares. Based on the minimum bidding price, the offer would fetch about Rs 193 crore to the promoter.

The promoter, who currently holds 76.63 per cent stake in Adani Power, is diluting the stake in the company to meet SEBI’s minimum public holding criteria.

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