Adani Green up 9%, hitting new high ahead of board fundraising meeting


Adani Green Energy shares hit a new all-time high at Rs 2,350 after rising 9 per cent on the BSE in intraday trading on Friday in an otherwise subdued market ahead of today’s board meeting to consider the capital raising proposal. The Adani Group company’s stock surpassed its previous high of Rs 2,325 set in intraday trading on Thursday.

At 11:19 am; Adani Green was trading 8 per cent higher at Rs 2,333.55 compared with a 0.11 per cent decline in the S&P BSE Sensex. Around 1.2 million shares changed hands on the NSE and BSE together.

Adani Green announced Tuesday, April 5, that the Company’s board of directors meeting is scheduled for April 8 to review the proposal to raise funds through a rights issue, a preferential allotment, including placement with qualifying institutions, or through a other acceptable method to review and approve and/or combination thereof.

Adani Green Energy has one of the world’s largest renewable energy portfolios with committed growth of 20.4 GW in operating, under construction, committed and acquired assets and targets investment grade counterparties. The Company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Adani Green’s major customers include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various government discus.

Adani Green aims to achieve 45 GW of renewable energy capacity by 2030, which is 10 percent of the Indian government’s nationwide target of 450 GW of renewable energy.

Last month, Adani Green expanded its mortgage lending facility to $1.64 billion by raising a $288 million facility for its portfolio of renewable assets under construction through definitive agreements signed with a group of leading international lenders became.

The facility will initially finance the 450MW hybrid portfolio of renewable solar and wind projects that Adani Green is building in Rajasthan, India. In March 2021, the company had closed a $1.35 billion construction turret facility in one of Asia’s largest project finance deals.

Meanwhile, in addition to Adani Green, the boards of directors of the other two group companies Adani Enterprises and Adani Transmission are also scheduled to meet today to discuss the fundraising plan. Adani Transmission shares rose 3 percent to Rs.2,536.80 after hitting an intraday high of Rs.2,587.30 on the BSE. It had hit a record high of Rs.2,714.40 on Thursday, April 7, 2022.

Adani Enterprises rose 1.4 percent to Rs.2,127.30. The stock hit a daily high of 2,145.40 rupees so far. On Thursday, the stock had hit a record high of Rs 2,215 on the BSE.

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