Adani Green shares rise as company mulls fundraising; mcap tops Rs 1.5L cr

Shares of Adani Green Energy Ltd surged and extended its gains during the trading session on Tuesday ahead of the company board meeting to consider fundraising plans. The company board of Adani Group's renewable energy arm will meet on Thursday, July 6, it said in an exchange filing.

The board of directors of Adani Green will be held on Thursday, July 06, 2023 at Ahmedabad, inter alia, to consider and approve the proposal of raising of funds, said the exchange filing by Adani Green Energy. However, the company did not mention the amount to be raised.

Adani Green is likely to consider fund raising by way of issuance of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, it added.

Following the update, shares of Adani Green Energy gained more than a per cent to Rs 952 on Tuesday, before giving up its gains partially. The company was commanding a total market capitalization of more than Rs 1.52 lakh crore. The scrip had settled at Rs 941.90 on Monday.

In the previous month, Australia-listed GQG Partners and other investors bought around $1 billion of additional stake in Adani companies, including Adani Green and Adani Enterprises in June.

According to the media reports, the GQG Partners bought 2.2 per cent stake comprising 35.2 million shares in Adani Green Energy, as well as 1.6 per cent stake comprising 18 million shares in Adani Enterprises through block deals.

Shares of Adani Green Energy have delivered multibagger returns to investors from its 52-week lows at Rs 439.35 on February 28, 2023 as the stock has surged 117 per cent since then. Despite this recovery, the stock is down 63 per cent from its 52-week at Rs 2,574.05.

Rajiv Jain-helmed GQG Partners have been pumping investments in the Adani conglomerate since its stock rout following Hindenburg Research’s scathing report, accusing the group of stock manipulation, accounting fraud and other financial misdeeds. The resultant stock rout wiped out $147 billion from Adani companies.

Also read: Federal Bank shares: Jhunjhunwala stock gains as advances up 20.9% in Q1

Also read: Hot stocks on June 4, 2023: Bajaj Finance, Bajaj Finserv, IDFC, Suzlon Energy, Tanla Platforms, and more