A major block deal in Adani Green Energy Ltd (AGEL) drew market attention on Wednesday, with roughly 1.7% of the company’s equity changing hands. The transaction, valued at ₹2,718 crore, involved around 2.8 crore shares at ₹970 per share, representing a 2.9% discount to the previous day’s closing price.
Market Performance
- Adani Green Energy shares rose 1.5% to ₹1,014 in morning trade on Wednesday.
- The stock closed at ₹1,010.5 on Tuesday, marking a 1.7% gain for the day.
- Year-to-date, AGEL has declined 3.2%.
- The current P/E ratio stands at 84.9 with a market capitalisation of ₹1.7 lakh crore.
Key Transaction Details
- Total number of shares sold: 2.8 crore
- Block deal price: ₹970 per share
- Equity stake involved: 1.7%
The deal aligns with reports earlier this week regarding a sale by TotalEnergies through its investment arms. As of September 30, TotalEnergies held a combined 18.99% stake in AGEL. The transaction hints at a strategic reshuffling of their renewable energy investments.
Company Background
Adani Green Energy has been closely partnered with TotalEnergies since 2020:
- 2020: Formation of AGEL23, a 50:50 joint venture managing 2.3 GW of solar assets
- January 2021: TotalEnergies acquired a 20% equity stake
- 2023-2024: Additional joint ventures expanded platform capacity to 4.5 GW
TotalEnergies initially invested $2.5 billion in AGEL and its solar portfolio in 2021. Since then, the value of this investment has grown significantly, reflecting the rising importance of renewable energy in India’s energy mix.
Summary
Wednesday’s block deal reflects active portfolio management by major investors while highlighting the steady market performance of Adani Green Energy. With ongoing partnerships and expanding renewable capacities, AGEL remains a key player in India’s clean energy landscape.
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