Adani Green surges 9%, hits new high ahead of board meet for fund raising

The board of directors of the company is scheduled to meet today to consider and approve the proposal for raising of funds by way of a rights issue, preferential allotment, including a QIP.

Shares of Adani Green Energy hit a new all-time high at Rs 2,350, on rallying 9 per cent on the BSE in Friday’s intra-day trade in an otherwise subdued market ahead of the board meeting today for considering fund raising proposal. The stock of the Adani Group company surpassed its previous high of Rs 2,325 touched in Thursday’s intra-day trade.

At 11:19 am; Adani Green traded 8 per cent higher at Rs 2,333.55, as compared to a 0.11 per cent decline in the S&P BSE Sensex. A combined around 1.2 million equity shares changed hands on the NSE and BSE.

Adani Green on Tuesday, April 5 announced that the company's board meeting is scheduled on April 08, to consider and approve the proposal for raising of funds by way of a rights issue, preferential allotment, including a qualified institutions placement or through any other permissible mode and/or combination thereof.

Adani Green Energy has one of the world’s largest renewable portfolios, with locked-in growth of 20.4 GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of Adani Green include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.

Adani Green has set a target of achieving 45 GW renewable energy capacity by 2030, representing 10 per cent of the Government of India’s 450GW countrywide renewable energy target.

Last month, Adani Green extended its Construction Financing Framework to $1.64 billion by raising a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders.

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

Meanwhile, besides, Adani Green, the boards of directors of other two group companies Adani Enterprises and Adani Transmission were also schedule to meet today to consider the fund raising plan. The stock of Adani Transmission was up 3 per cent at Rs 2,536.80, after hitting an intra-day 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 was up 1.4 per cent at Rs 2,127.30. The stock hit an intra-day high of Rs 2,145.40 so far. On Thursday, the stock had hit a record high of Rs 2,215 on the BSE.