Adani Green Energy Share Price Update: Today, Adani Green Energy shares soared by 6.26%, reaching Rs 1630 compared to the previous day’s close of Rs 1533.95 on the BSE. The market capitalization of Adani Green Energy now stands at Rs 2.56 lakh crore as of Dec 26 2023.
Adani Green Energy Ltd experienced a surge of over 6% intraday following the announcement that its board of directors, as part of the Adani Group, approved a preferential issuance of warrants to the company’s promoters, amounting to Rs 9,350 crore (equivalent to $1,125 million). The warrants will be issued at a price of Rs 1,480.75 per share. Adani Green Energy shares witnessed a notable increase of 6.26%, reaching Rs 1630 from the previous day’s closing of Rs 1533.95 on the BSE. The market capitalization of Adani Green Energy reached Rs 2.56 lakh crore. The stock saw a turnover of Rs 66.74 crore as 4.22 lakh shares changed hands. Ultimately, the stock closed 4.30% higher at Rs 1,599.90 on the BSE.
The issuance is contingent upon approval from regulatory bodies, statutory authorities, and shareholders at the Extraordinary General Meeting (EGM) scheduled for January 18, 2024, as announced by the firm.
The funds raised will be directed towards deleveraging and expediting capital expenditure. Adani Green Energy Limited (AGEL) is now well-positioned to meet its stated target of 45 GW by 2030, with a locked-in capacity of 20.6 GW, substantial land holdings exceeding 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource-rich areas of India, and an additional equity infusion of Rs 9,350 crore, fully financing this stated objective.
Gautam Adani, Chairman of the Adani Group, emphasized India’s imminent global leadership in renewable energy, with Adani Green Energy leading this transformative journey. Adani stated, “This investment by the Adani family underscores our commitment not only to realizing our nation’s clean energy aspirations but also to an equitable energy transition. We aim to phase out traditional power sources while concurrently advancing green, cost-effective alternatives to propel our accelerating growth and development plans. With the infused funds, AGEL is well-positioned to achieve its accelerated growth trajectory.
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