Adani Green Energy Edges Higher After SB Energy Acquisition Announcement
Share price of Adani Green Energy gained around two per cent on Thursday, May 20, a day after the renewable energy major announced its acquisition plans of SoftBank Corp-backed SB Energy India. On Thursday, Adani Green Energy opened on the BSE at Rs 1,268.55, swinging to an intra day high of Rs 1,289, and an intra day low of Rs 1,239.70, in the trading session so far. According to a regulatory filing by the company to the stock exchanges, Adani Green Energy will buy SB Energy for an enterprise value of $3.5 billion. (Also Read: Adani Green To Acquire SB Energy For $3.5 Billion )
According to the statement, SB Energy India is a joint venture (JV) between the Japan-based SoftBank Group Corp and the Bharti Group, which each held a stake of 80 per cent and 20 per cent respectively. As part of the deal, Adani Green Energy signed definitive agreements for a 100 percent acquisition of SB Energy Holdings Limited. SB Energy India houses 4,954 MW of renewable assets in the country.
Adani Green Energy added that the target portfolio consists of large-scale utility assets with nine per cent wind-solar hybrid capacity (450 MW), seven per cent wind capacity (324 MW), and 84 per cent solar capacity (4,180 MW).
On the NSE, Adani Green Energy opened at Rs 1,274, registering an intra day high of Rs 1,284.75 and an intra day low of Rs 1,244, in the session so far. It was last trading 1.77 per cent higher at Rs 1,265.70 on the NSE.
Shares of Adani Green Energy were last trading 1.76 per cent higher at Rs 1,266.25 on the BSE.
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