The large-cap energy stock moved 2 percent during the morning trading session after the board plans to raise 3 billion dollars.
With a market capitalization of Rs. 1.34 lakh crore, the shares of Adani Green Energy Ltd started its Friday trading session higher at Rs. 852 and went to hit an intraday high of Rs. 896 making a gain of around 3 percent. The share closed its trading session at 872 apiece.
According to the reports, the Adani Group is planning to raise 4 billion dollars to help develop and manufacture plants that would produce low-cost green hydrogen. The funds will be raised from both domestic and international banks and the board is in early stage talks with the lenders.
This fundraise will be used for one of the first projects the money will be put towards a 1 million metric tons per annum green hydrogen facility being built in Gujarat.
If the company successfully manages to raise the funds, it would demonstrate the ports-to-power conglomerate is willing to back the support of lenders after fraud allegations levied by Hindenburg in late January.
Looking at the financials of the company, the revenue was at Rs. 2,176 cr during Q1 FY24, and the consolidated net profit was Rs. 322 cr during the same period.
Coming onto the important financial ratios, the return on equity was 27.52 percent during FY 22-23 and the return on capital employed was at 8.46 percent in the same time period. The company’s debt-to-equity ratio has drastically shifted down from 45.05 times in FY21-22 to 9.23 times during FY22-23.
According to the latest shareholding pattern, the Promoters of the company have a 56.26 percent stake in the company where 3.35 percent of holdings are pledged by the promoters, the Public have 24.08 percent holdings, FIIs have 18.16 percent shares in the company, and the remaining 1.50 percent is with DIIs.
Headquartered in Ahmedabad, Adani Green Energy Limited is an Indian renewable energy company. It is owned by the Indian conglomerate Adani Group. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.
Written By Vaibhav Patil
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