Adani Group Secures $1 Billion through Stake Sale in Adani Green
On Wednesday morning, through block deals, a total of INR 8,542 crore was transacted in various companies.
Adani is making efforts in the stock market to regain confidence after the Hindenburg Research report.
Adani is making efforts in the stock market to regain confidence after the Hindenburg Research report.
US-based hedge fund partners, LSC Investments, and other investors have reportedly purchased shares worth $1 billion from Adani Group’s two companies through the Family Trust. These investors have acquired stakes in Adani Enterprises, the flagship company of the Adani Group, and its subsidiary, Adani Green Energy Limited, without disclosing their names as per the condition of confidentiality.
On Wednesday, significant block deals were observed on both counters. Adani is making efforts in the stock market to regain confidence after the Hindenburg Research report. Due to the Hindenburg event, the market cap of the group tumbled by more than $150 billion. Rajiv Jain of Jefferies had stated in May that they are seeking to create one of the largest investors in the group. On Wednesday, a block deal of 18 million shares was traded in Adani Enterprises, which represents approximately 1.6% of the outstanding shares. While in Adani Green, there was a change of hands in 48 million shares.
As per the bankers, the use of these funds would be to reduce the debt. The company had sold shares worth a total of INR 8,542 crore. Adani Green’s share closed down at INR 943, while Adani Enterprises‘ share was trading at INR 2,393 with an improvement of INR 5 along with the previous month of March when Jefferies Partners had purchased two million shares of Adani Group’s four companies. Later, they increased their stake in the group by 10%, informed veteran investor Jain. Adani promoters have also pledged $2.65 billion as collateral to clear the shares until now.
Conclusion:
The Adani Group’s recent stake sale in Adani Green Energy Limited, resulting in the acquisition of $1 billion, highlights the group’s commitment to financial optimization and seizing growth opportunities. This strategic move bolsters the Adani Group’s position as a leading player in the renewable energy sector, further solidifying its reputation as an innovative and forward-thinking conglomerate. The success of the stake sale also signifies the growing investor confidence in the potential of the renewable energy industry in India. As the Adani Group continues to drive sustainable initiatives, it is poised to play a pivotal role in the nation’s clean energy transition.
