Shares of Adani Green Energy Ltd tanked over 13% in early deals on Wednesday despite the Adani Group firm disclosing that Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited and Prayatna Developers Private Limited , have raised $409 million by allotment of US dollar denominated senior secured notes. The bonds will be listed on the Indian International Exchange (IFSC) Limited.
Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited and Prayatna Developers Private Limited are the subsidiaries of Adani Green Energy Twenty Three Limited, in which Adani Green Energy Limited and TotalEnergies Renewables Singapore Pte Limited, Singapore hold 50:50 stake.
Adani Green Energy shares slipped 13.36% to Rs 1645 in early deals today against the previous close of Rs 1898.75 on BSE. Market cap of Adani Green Energy fell to Rs 24.88 crore. Total 1.39 lakh shares changed hands amounting to a turnover of Rs 24.88 crore.
The Adani Green Energy stock opened marginally lower at Rs 1897.10 on BSE today. Adani Green Energy shares have gained 149.59 per cent in a year and risen 12 percent since the beginning of this year.
The large cap stock hit a 52-week high of Rs 2016 on February 27, 2024 and a 52-week low of Rs 681.35 on March 14, 2023.
"We are pleased to inform you that Adani Green Energy (UP) Limited ("AGEUPL"), Parampujya Solar Energy Private Limited ("PSEPL") and Prayatna Developers Private Limited (collectively with AGEUPL and PSEPL the "Issuers"), being subsidiaries of Adani Green Energy Twenty Three Limited, in which Adani Green Energy Limited (the “Company”) and TotalEnergies Renewables Singapore Pte Limited, Singapore holds 50:50 shares., have raised USD 409 Million by allotment of U.S. dollar denominated senior secured notes (“Notes”), in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable Indian laws (the 'Issue')," said Adani Green Energy in a communication to bourses.
The Adani Group’s stock is trading neither in the oversold nor in the overbought zone, signals the relative strength index (RSI) of Adani Green Energy which stands at 52.7. Adani Green shares are trading higher than the 50 day, 100 day, 150 day, 200 day and lower than the 5 day, 10 day, 20 day, 30 day moving averages.