Adani Green Energy shares in focus as arm incorporates 2 subsidiaries; stock up 65% in 1 month

Shares of Adani Green Energy Ltd will be in focus on Monday morning after the Adani group firm said Adani Renewable Energy Holding Nine Limited, a wholly-owned subsidiary of the company, incorporated two wholly-owned subsidiaries namely Adani Renewable Energy Fifty Eight Limited and Adani Renewable Energy Sixty One Limited () on Friday, December 15.

The main objective of the incorporation of the two subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy, Adani Green Energy said in a BSE filing.

The two subsidiaries are incorporated in India and registered with Registrar of Companies, Gujarat at Ahmedabad on December 15 and are yet to commence their business operations.

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"Adani Renewable Energy Holding Nine Limited, a wholly-owned subsidiary of the Company, holds 100% share capital of ARE58L and ARE61L," Adani Green Energy said on Friday.

Adani Green Energy's subsidiary Adani Saur Urja (KA) Limited announced incorporation of a owned subsidiary Adani Renewable Energy Fifty One Limited on Thursday. The same day,  Adani Renewable Energy Holding Nine Limited incorporated an arm Adani Renewable Energy Fifty Five Limited.

Adani Renewable Energy Holding Nine has also incorporated two subsidiaries Adani Renewable Energy Fifty Six Limited and Adani Renewable Energy Fifty Seven Limited on December 14.

Shares of Adani Green Energy have climbed 65 per cent in one month. This has helped the stock cut its year-to-date losses to 19.23 per cent.

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