Shares of Adani Green Energy gained 2 per cent in an otherwise weak market today after the Adani Group firm said it has acquired three entities from Inox Green Energy Services Limited (IGESL) each holding 50 MW operational wind power projects at Dayapar in Gujarat. IGESL is a subsidiary of Inox Wind. Buoyed by the development, Adani Green Energy stock gained 2.06 per cent to Rs 2,200 against the previous close of Rs 2,155.70 on BSE. Earlier, the stock opened higher at Rs 2,186.
Adani Green Energy stock is trading higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages. In a year, the stock has gained a huge 86.58 per cent and risen 63.62 per cent in 2022. Total 4.16 lakh shares of the firm changed hands amounting to a turnover of Rs 89.68 crore on BSE.
The market cap of the firm rose to Rs 3.43 lakh crore. The stock hit its 52 week high of Rs 3048 on April 19, 2022 and a 52-week low of Rs 1106 on October 29,2021.
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Adani Green Energy has acquired three special-purpose vehicles which are Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL). Adani Green and Inox Wind separately informed the stock exchanges about the transaction that was settled in cash.
“The acquisition is expected to be value accretive to our shareholders,” Adani Green said.
“The company’s subsidiary, Inox Green Energy Services Ltd (IGESL), has sold its entire 100% shareholding in WORL, WTRL and WFRL at a cash consideration of Rs 1.00 Lakh each,” Inox Wind said.
In 2019, Inox Wind had won 250 MW in SECI Tranche 1 auction at a fixed tariff of Rs 3.46 per unit for 25 years for sale to PTC India.
“IGESL shall provide long-term operations and and maintenance services for these projects,” an official statement said.
The three SPVs had a combined turnover of Rs 121 crore in FY22 (WORL Rs 42.3 cr, WTRL Rs 42.2 cr and WFRL Rs 36.5 cr), Adani Greens said.
Meanwhile, Sensex and Nifty traded lower today in early deals, extending their fall for the third straight session amid weak global cues. Sensex falls 201 points or 0.35 per cent to 57,791 and Nifty loses 63 points or 0.37 per cent to 17,178.
