Most Adani Shares Trade Higher: Adani Green Energy Shares Rally Over 5% Today; Know Why

The share price of most Adani group stocks including Adani Green Energy, Adani Enterprises, Adani Ports, and Adani Total Gas traded in the green on Thursday.

Today, the share price of Adani group firm Adani Green Energy surged 5.30% at Rs 1502.70 at 11:59 am IST after the company issued an update on the incorporation of step-down subsidiary companies. Adani Green Energy shares have gained 45.98% in the last two weeks.

In an exchange filing, the company today informed that Adani Saur Urja (KA) Limited, a wholly-owned subsidiary of the Company, incorporated its Wholly-owned subsidiary, namely, Adani Renewable Energy Fifty One Limited on December 13, 2023.

Furthermore, as per the exchange filing, Adani Renewable Energy Holding Nine Limited, a wholly-owned subsidiary of the Company, also incorporated its fully-owned subsidiary, namely, Adani Renewable Energy Fifty Five Limited on December 13, 2023.

According to the company, the main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sell, supply any kind of power or electrical energy using wind energy, solar energy, or other renewable sources of energy.

Adani Saur Urja Limited and Adani Renewable Energy Holding Nine Limited, fully-owned subsidiaries of the company, hold 100% share capital of Adani Renewable Energy Fifty-One and Adani Renewable Energy Fifty Five respectively.

Earlier this month, on December 5, the Adani group firm said that Adani Green Energy has sealed its largest project financing of $1.36 Bn senior debt facility as part of its Construction Financing Framework to enhance the funding pool to $3 Bn since the initial project financing in March 2021.

As per the company, the green loan facility was extended by a consortium of lenders which include- BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., SocietenGenerale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

Most Adani group stocks traded higher on Thursday amidst positive trading on Dalal Street. The share price of Adani Enterprises was up 1.18% at Rs 2909.85 per share, Adani Total Gas shares were up over 4% at Rs 1045.25 per share, the share price of Adani Ports was up over 1% at Rs 1075.80 in the intraday trading.

About Adani Green Energy Limited:

Adani Green Energy Limited (AGEL) is India's largest and the world's leading renewable energy solutions partner enabling the clean energy transition. AGEL develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants.

With a locked-in growth trajectory up to 20.4 Gigawatt (GW), AGEL currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.

AGEL is credited with developing several landmark renewable energy power plants, the latest being the world's largest wind-solar hybrid power cluster of 2,140 Megawatt (MW) in Jaisalmer, Rajasthan. The company has set a target of 45 GW by 2030 aligned to India's decarbonization goals.