Shares of Adani Group cos surge after $2 bn foreign investments
Shares of Adani Green Energy, Adani Transmission, and Adani Enterprises surged on Monday on an otherwise broader market.
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New Delhi, April 11 Shares of Adani Green Energy, Adani Transmission, and Adani Enterprises surged on Monday on an otherwise broader market.
Adani Green Energy shares were locked in the 20 per cent upper circuit, Adani Transmission locked in at 10 per cent upper circuit, and Adani Enterprises rose 0.4 per cent.
Analysts attribute the rise in share prices with International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate's investment of $2 billion as primary capital in these Adani Group companies.
On Friday, the boards of the three Adani companies' Boards met and approved the transaction.
This investment is testament to the Abu Dhabi-based firm and the Adani portfolio's shared vision and commitment of investing in sustainable companies that are leading the charge in energy transition, the group said.
The company will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL, and Rs 7,700 crore in the three companies, respectively, in compliance with the SEBI regulations.
The transaction is expected to be completed in a month, after all necessary approvals are obtained.The capital will be utilised for pursuing the growth of the respective businesses, further strengthening of the balance sheet, and for general corporate purposes, the regulatory filing said.
Apart from the three stocks in which received foreign investments, shares of other Adani Group companies such Adani Power, Adani Total Gas, Adani Wilmar, and Adani Ports too surged on Monday.
