Promoter offloads 2.8% stake in Adani Green for Rs 4,131 crore - CNBCTV18

The shares were bought at an average price of Rs 920 per piece as the embattled power-to-port conglomerate seeks global investors' support. Shares of Adani Green Energy ended Monday’s session 4.7 percent lower at Rs 965.05 on BSE.

The promoter entity of Adani Green Energy offloaded 2.83 percent in Company on Monday at an average price of Rs 920.43 per share via block deal on BSE. The deal was valued at Rs 4,131 crore.

Of the total shares exchanged, 4.26 crore or 2.7 percent stake was acquired by INQ Holding, which is a unit of Qatar Investment Authority. The shares were bought at an average price of Rs 920 per piece as the embattled power-to-port conglomerate seeks global investors' support after the report from Hindenburg, the short-selling firm which had alleged financial misconduct earlier this year.

As of June 30, the promoter holding in Adani Green Energy stood at 56.3 percent, of which 3.4 percent was held by Infinite Trade and Investment. During the first quarter of FY24, the company’s consolidated net profit rose 50.5 percent year-on-year (YoY) to Rs 322 crore for the quarter ended June 2023. Similarly, its revenue from operations jumped 33 percent to Rs 2,176 crore for the April-June period, compared with Rs 1,635 crore in the corresponding period of last year.

Shares of Adani Green Energy ended Monday’s session 4.7 percent lower at Rs 965.05 on BSE. Interestingly, despite shares of Adani Green Energy rising more than two-fold from their February lows, the stock still trading at about 67 percent lower to the record high seen in April 2022.

(Edited by : Sangam Singh)

First Published: Aug 7, 2023 8:38 PM IST

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Promoter offloads 2.8% stake in Adani Green for Rs 4,131 crore - CNBCTV18
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