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Adani Green Energy Share Price Gains After Refinancing Of Construction Facility

Adani Green Energy's refinancing move received a rating of AA+/stable from three domestic rating agencies, the company said.

NDTV Profit Desk

Adani Green Energy's share price rose 2.72% to Rs 795.50 apiece. (Photo source: Adani Green Energy)

Adani Green Energy Ltd.'s shares rose after it announced the refinancing of its maiden construction facility worth $1.06 billion. The facility was added to its capital assets to develop India's largest solar-wind hybrid renewable cluster in Rajasthan.

The financing raised the facility's door-to-door tenor of 19 years, with fully amortised debt structure emulating the underlying asset life, according to a statement from the company. With this, the company completed its capital management program for underlying asset portfolio, which involves securing long-term facilities that are aligned with cash flow lifecycle of that portfolio.

Adani Green Energy's refinancing move received a rating of AA+/stable from three domestic rating agencies, the company said.

Also Read: Adani Green Now India's First Renewable Energy Firm With 12,000-MW Capacity

Adani Green Energy Share Price Today

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Adani Green Energy's share price rose 2.72% to Rs 795.50 apiece. It was trading 1.42% down at Rs 763.40 apiece as of 10:05 a.m., compared to a 0.41% decline in the NSE Nifty 50.

The stock has declined 60.72% in the 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 20.48, which implied the stock was oversold.

Out of four analysts tracking the company, three maintain a 'buy' rating, and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 70.4%.

Also Read: Stock Market Today: Sensex, Nifty End Topsy-Turvy-Trade With Minor Losses As HDFC Bank, RIL Drag

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