Adani Green Energy also hit an upper circuit of 20 per cent to Rs 1,348 on Tuesday (File)
New Delhi:
Adani Green Energy Ltd (AGEL) today announced a follow-on funding of $1.36 billion to boost its construction financing framework to $3 billion, backed by a consortium of top international banks.
AGEL’s announcement of its largest project financing of $1.36 billion debt facility comes on a day when Adani Group stocks touched a meteoric high, rising up to 20 per cent, after news agency Bloomberg reported that a US government agency found short seller Hindenburg Research’s allegations against the Adani Group “irrelevant”.
The Supreme Court on November 24 had also asked tough questions against petitioners in the Hindenburg allegations and a matter linked to a report by a George Soros-funded group that targeted the Adani Group.
Bloomberg quoted a senior US official saying the International Development Finance Corp (DFC) decided the Hindenburg allegations were irrelevant after doing due diligence before allowing $553 million for the conglomerate’s container terminal project in Sri Lanka. The DFC is a US government agency that invests in development projects mostly in emerging economies.
Shares of the flagship firm Adani Enterprises Ltd (AEL) rose over 18 per cent to Rs 2,995.80 today, before settling at Rs 2,960.10. AEL’s total market capitalisation reached the Rs 3.40 lakh crore mark once again, and the stock surged about 200 per cent from its 52-week lows.
AGEL said it has signed definitive agreements with eight leading international banks (File)
AGEL in the statement today said the green loan facility will play a big role in enabling the development of AGEL’s next milestone – the world’s largest renewable energy park at Khavda in Gujarat. AGEL, too, hit an upper circuit of 20 per cent to Rs 1,348 as its total market capitalisation rose over Rs 2.13 lakh crore today.
The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and will be the stepping-stone for the future development of the Khavda renewable site. The world’s largest renewable energy park will also play a critical role in India’s net-zero journey, AGEL said.
“We thank the consortium for reposing faith in our project execution capabilities and strategic growth vision aligned to India’s decarbonization goals,” AGEL managing director Vneet S Jaain said in the statement.
AGEL said it has signed definitive agreements with eight leading international banks, which are all returning lenders and instrumental in setting up AGEL’s construction financing framework since March 2021. They are BNP Paribas, Cooperatieve Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo SpA, MUFG Bank Ltd, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.
In the stock surge of the group firms today, Adani Ports and Special Economic Zone Ltd rose some 17 per cent to reach new 52-week highs at Rs 1,023.90; it ended at Rs 1,011.85, up 15 per cent. The stock has gained 160 per cent from its 52-week lows. Adani Wilmar climbed 10 per cent to Rs 380.90 on Tuesday, with a total market capitalisation of Rs 50,000 crore. Adani Energy Solutions Ltd hit an upper circuit of 20 per cent to Rs 1,082.60. Adani Power Ltd gained 16 per cent to Rs 538.50. Adani Total Gas shares gained some 20 per cent to Rs 878.20, with valuation nearly Rs 1 lakh crore.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)