Adani Green Energy Ltd witnesses an upswing in its share value amid the contemplation of fundraising options by the company. In preparation for the upcoming board meeting on Thursday, July 6, the renewable energy arm of the Adani Group announced the intention to discuss fundraising plans.
The board of directors of Adani Green Energy will convene on July 6, 2023, in Ahmedabad to deliberate on the proposal for raising funds. While specifics regarding the amount to be raised were not disclosed in the exchange filing, Adani Green Energy stated that it is likely to explore various avenues for fundraising. These may include issuing equity shares or other eligible securities through permissible modes such as private placement, qualified institutions placement, preferential issue, or a combination of methods in compliance with applicable laws.
With this development, the market responded positively, with Adani Green Energy shares witnessing an increase of over one percent, reaching Rs 952 on Tuesday. Subsequently, there was a partial retreat from the peak. The company's total market capitalization stood at more than Rs 1.52 lakh crore, with the closing price on Monday being Rs 941.90.
In the previous month, Adani companies, including Adani Green Energy and Adani Enterprises, received a significant boost as Australia-listed GQG Partners and other investors acquired an additional stake worth $1 billion in these ventures. Block deals facilitated the purchase of a 2.2 percent stake (35.2 million shares) in Adani Green Energy and a 1.6 percent stake (18 million shares) in Adani Enterprises.
Adani Green Energy shares have yielded impressive returns for investors since hitting a 52-week low of Rs 439.35 on February 28, 2023, surging by 117 percent. Despite this recovery, the stock is currently down 63 percent from its 52-week high of Rs 2,574.05.
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