Shares of Adani Group companies continued their upward movement as Adani Energy Solutions (formerly known as Adani Transmission) and Adani Power surged up to 7 per cent on the BSE in Monday’s intra-day trade.
Among individual stocks, Adani Power surged16 per cent in the past three days after Australia-listed investment firm, GQG Partners invested $1.1 billion (Rs 9,000 crore) in Adani Power on acquiring 8.1 per cent stake from the Adani family via multiple block deals. CLICK HERE FOR DETAILS
Adani Power has installed capacity of 12,450 MW (which includes 40 MW solar power project) at multiple locations i.e. Bitta, Mundra, Kawai, Tiroda, Udupi, Raipur, Raigarh. The company sells power under long term Power Purchase Agreement (PPAs), medium term PPAs, short term PPAs, on merchant basis and is also engaged in trading, investment and other business activities.
Meanwhile, shares of Adani Energy Solutions rallied 13 per cent in three days after it announced that Geltbery Trade and Investment, the promoter group company purchased 23.8 million equity shares or 2.13 per cent stake of the company, between August 3, and August 14, via open market. Post acquisition, total promoters holding of Adani Energy Solutions increased to 70.41 per cent from 68.28 per cent. CLICK HERE FOR DETAILS
According to disclosure made by Adani Enterprises, Kempas Trade and Investment, the promoter group, has acquired 1.5 million equity shares or 0.13 per cent stake in the company via open market on August 7.
Meanwhile, last week media reported that, Abu Dhabi National Energy Co. PJSC (TAQA) is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen.
TAQA is keen to deploy $1.5-2.5 billion in Adani Group firms or in a single entity, suggested reports. Both sides believe there is maximum synergy between TAQA and Adani Energy Solutions, formerly Adani Transmission, to forge a strategic alliance and work together on projects in North Africa and West Asia, said a report by The Economic Times on Friday.
However, Adani Energy Solutions on August 18 clarified that the Company is not engaged in any investment-related discussion with Abu Dhabi National Energy Co. PJSC (TAQA).