Adani Green Energy share slips 5% amid plan to raise Rs 2,500 crore

Adani Green Energy share price hit the lower circuit of 5% today amid news that the Gautam Adani-led firm has received shareholders' nod to raise Rs 2,500 crore in its fifth annual general meeting held on Thursday. Share price of Adani Green Energy opened 5% lower at Rs 377.5 compared to the previous close of Rs 397.40 on BSE. The large cap stock has lost 18.53% in 4 days.

The stock has only sellers and no buyers in early trade. The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

In one year, the stock has gained 749.38% . It has risen 126.76% since the beginning of this year. In a month, the stock is up 52.33%. The Adani Group firm's market capitalisation fell to Rs 59,049 crore on BSE. All resolutions proposed are approved with requisite majority by the shareholders, the company said in a regulatory filing.

Share Market LIVE: Sensex drops 480 points, Nifty at 10,230; Coal India, Hindalco, Axis Bank top laggards

The proposed resolution in the AGM held on June 25, 2020 had sought the enabling authorisation of the members to the Board of Directors to raise funds to the extent of Rs 2,500 crore or its equivalent in one or more currencies, in one or more tranches, as per the notice for the AGM.

The company also received shareholders' nod to have flexibility to infuse additional capital to tap capital markets and to raise additional long term resources. The board can raise the funds as may be considered appropriate by it by issuance of equity shares or any instruments or securities, including Global Depository Receipts or American Depository Receipts or convertible preference shares or convertible debentures or non-convertible debentures with warrants etc, the firm said.

The firm posted a consolidated net profit of Rs 55.64 crore for the March 2020 quarter, helped by lower expenses.

The clean energy firm had logged a consolidated net loss of Rs 94.08 crore in the corresponding quarter a year ago. Its total income stood at Rs 718.66 crore for the quarter under review as against Rs 718.73 crore a year earlier.

Stocks in news: HDFC Bank, Axis Bank, IDBI Bank, Bajaj Auto, Vadilal, ITC, Coal India, Adani Power and more

On a full-year basis, the company reported narrowing of consolidated net loss at Rs 67.96 crore in 2019-20. In the 2018-19 fiscal, its net loss was Rs 475.05 crore.

Total income for 2019-20 stood at Rs 2,629.07 crore, as compared to Rs 2,130.99 crore in 2018-19.