Adani Green stock is up 9%, hitting a new high ahead of the fund-raising board meeting



Shares of Adani Green Energy hit a new all-time high of 2,350 rupees, up 9 per cent on the Bahrain Stock Exchange in trading on Friday in an otherwise quiet market ahead of today’s board meeting to consider a fund-raising proposal. Shares of Adani Group surpassed the previous high of 2,325 rupees touched in trade during Thursday.

At 11:19 am Adani Green was trading 8 per cent higher at 2,333.55 rupees, compared to a 0.11 per cent drop in S&P BSE Sensex. About 1.2 million shares of stock were traded on the NSE and BSE exchanges.

Adani Green announced on Tuesday, April 5, that a meeting of the company’s board of directors will be held on April 08, to consider and approve the proposal to raise funds by way of rights issue or preferential allocation, including the status of eligible institutions or through any other permitted status. and/or a combination of both.

Adani Green Energy has one of the largest renewable energy portfolios in the world, with steady growth of 20.4 GW across operating assets, under construction, awarded and acquired, that cater to investment grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Major clients of Adani Green include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and several different government districts.

Adani Green has set a target of achieving 45 gigawatts of renewable energy by 2030, which is 10 percent of the Government of India’s renewable energy target of 450 gigawatts nationwide.

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

The facility will initially finance a 450MW hybrid portfolio of solar and wind renewable energy projects being built by Adani Green in Rajasthan, India. In March 2021, the company closed a $1.35 billion construction pistol facility in one of Asia’s largest project financing deals.

Meanwhile, along with that, Adani Green, the boards of directors of two other group companies, Adani Enterprises and Adani Transmission, are also scheduled to meet today to consider the fundraising plan. Adani Transmission stock rose 3 per cent at Rs 2,536.80, after hitting an intraday high of Rs 2,587.30 in BSE. He had set a record high of Rs 2714.40 on Thursday 7th April 2022.

Adani Enterprises rose 1.4 per cent to Rs 2,127.30. The stock reached an intraday high of Rs 2145.40 so far. On Thursday, the stock hit a record high of 2,215 rupees in BSE.


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