Adani Group Co Plans To Raise $1 Bn Soon, Buy For Near Term TP Rs 1988: Analyst

Adani Group company Adani Green Energy Ltd's four subsidiaries are planning to raise up to $1 billion via issuing US Dollar denominated bonds, divulged two merchant bankers involved in the deal on Tuesday as reported by Reuters. The company plans to issue bonds with a maturity of 20 years in 1 or more tranches beginning October, added the bankers. Adani Green has yet to respond to the Reuters' report. "The companies may tap the market before the end of this month, once it judges the pulse of investors in upcoming roadshows," one of the bankers said. Meanwhile, current market price of Adani Green Energy shares on BSE stood at Rs 1807 after shares slipped marginally by 0.37%.

The firm's market cap stood at Rs 2,86,234.67 crore. LIC has a stake of 1.36% in Adani Green with 21,470,716 shares of the company. The LIC stake remains the same since March 2023. Adani Green Energy never declared any dividend since 2000. Check key details below:

Should You Buy Adani Green Energy Shares? According to A R Ramachandran, Independent SEBI Research Analyst, "Adani Green is slightly bullish on the Daily charts with strong support at 1725. A Daily close above resistance of 1835 could lead to target of 1988 in the near term."

Adani Green Energy Shares Performance: The 52-week high price of Adani Green Energy shares on BSE is Rs 2173.65 per share (as on 03/06/2024) and 52-week low price is Rs 816.00 per share (as on 26/10/2023), respectively. Adani Green Energy shares slipped over 12% in last 1-week, gained 13% so far in 2024, jumped 92% in last 1-year, and fell 18% in last 2-years. Adani Green Energy stock offered whopping returns of 2439% in last 5-years.

Power Consumption Agreement: The company informed via its BSE filing dated October 3, 2024, "Adani Renewable Energy Three Limited, a Wholly-owned stepdown subsidiary of Adani Green Energy Limited has entered into power consumption agreement ("PCA") for supply of green power to a commercial and industrial (C&I) customer. The said green power shall be supplied from a new 61.4 MW renewable energy plant, located at Khavda, Gujarat."

About: Adani Green Energy Limited (AGEL) is India's largest and 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.