Shares of Adani Green Energy Limited (AGEL) gained 7.42% and rose to a fresh 52-week high of ₹2524.00 apiece on Monday’s early trade. The stock saw a gap-up opening at the beginning of the session this week. The stock changed 1792328 hands, with a turnover of ₹ 447 crores till 11:25 AM today.
This comes after UAE’s International Holding Company (IHC) agreed to invest 7.3 billion dirhams ($2 billion) in three group companies. On 8th April 2022, the Board of Adani Green approved the issuance of 20,018,198 equity shares of the face value of Rs. 10/- each, to IHC Capital Holding LLC on a preferential basis at an issue price of Rs 1923.25 per equity share aggregating to Rs 3850 crore. The companies will comply with SEBI’s regulations.
“The transaction is expected to be completed in a month after all necessary approvals are obtained. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes,” the companies said in a separate regulatory filing.
AGEL stood at a P/E of 1871.86 and a P/B ratio of 165.06. The shares quoted a 52 week high of 2524 and a 52 week low of 874.80.
Adani Green Energy Limited is engaged in the business of generating power and ancillary activities at approximately 70 locations across various states in India. It develops builds owns, operates and maintains a utility-scale grid connected to solar power, solar projects, hybrid projects, and wind power.
Further, most of the Adani Group companies gained anywhere between 0.6% and 8.0% today. Adani Enterprises Limited reached a high of ₹2200 today, while Adani Transmission Limited reached a high of ₹ 2,695.
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