Adani Green Energy shares rise as board to discuss raising of funds on December 26

Shares of Adani Green Energy Ltd rose nearly 3% amid weak market sentiment today after the Adani Group company said its board would meet on December 26, 2023 to consider and evaluate a proposal for raising of funds. Adani Green Energy shares zoomed 2.75% to Rs 1491.75 against the previous close of Rs 1451.75 on BSE. Market cap of Adani Green Energy stood at Rs 2.28 lakh crore. Total 0.42 lakh shares changed hands amounting to a turnover of Rs 6.02 crore.

Adani Green Energy stock opened lower at Rs 1393 on BSE today. Adani Green Energy shares have lost 25.87 per cent in a year and fallen 22.97 percent since the beginning of this year. The large cap stock hit a 52-week high of Rs 2185.30 on January 18 , 2023 and a 52-week low of Rs 439.35 on February 28, 2023.

The Adani Group’s stock is trading neither in oversold nor in the overbought zone, with its relative strength index (RSI) at 64. Adani Green shares are trading higher than the 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

Also read: Adani Green Energy shares rise on formation of ARE59L for portfolio expansion

“A meeting of the Board of Directors of Adani Green Energy Limited (the “Company”) is scheduled to be held on December 26, 2023 inter alia, to consider and evaluate a proposal for raising of funds by way of issue of equity shares, convertible securities and / or any other eligible securities, on a rights / preferential basis or any other permissible mode / and / or combination thereof as may be considered appropriate, subject to all such regulatory /statutory approvals as may be required,” said the firm in a communication to bourses.

On December 20, Adani Green Energy said it incorporated a step down subsidiary company ARE59L for expansion of its renewable energy portfolio.

The main objective of the ARE59L 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 Renewable Energy Holding Nine Limited, a wholly owned subsidiary of the company, holds 100% share capital of ARE59L.

The Adani Group firm reported a 149% rise in Q2 profit at Rs 371 crore led by higher sales of power against Rs 149 crore in Q2 of the previous fiscal. The renewable power firm’s total income climbed 54 percent on-year to Rs 2,589 crore in Q2FY2 4 from Rs 1,107 crore in the year-ago period. Expenses climbed 43 percent on-year to Rs 2,160 crore in Q2FY24 against Rs 1,514 crore in Q2FY23.

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