Despite the Adani Group company revealing that Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited, and Prayatna Developers Private Limited have raised $409 million through the issuance of senior secured notes denominated in US dollars, shares of Adani Green Energy Ltd fell more than 13% in early trade on Wednesday. The Indian International Exchange (IFSC) Limited will list the bonds.
Adani Green Energy Twenty Three Limited, in which Adani Green Energy Limited and TotalEnergies Renewables Singapore Pte Limited, Singapore, share a 50:50 ownership, is the parent company of Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited, and Prayatna Developers Private Limited.
In early trading today, Adani Green Energy shares fell 13.36% to Rs 1645 from the previous close of Rs 1898.75 on the BSE. Adani Green Energy's market value dropped to Rs 24.88 crore. 1.39 lakh shares were traded in total, representing a turnover of Rs 24.88 crore.
On the BSE today, the Adani Green Energy stock began slightly down at Rs 1897.10. The value of Adani Green Energy's shares has increased by 12 percent since the start of the year and by 149.59% over the course of a year.
On February 27, 2024, the large cap stock reached a 52-week high of Rs 2016 and on March 14, 2023, it reached a 52-week low of Rs 681.35.
"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.
According to Adani Green Energy's 52.7 relative strength index (RSI), the company's stock is neither trading in the overbought nor oversold areas. The 50-, 100-, 150-, and 200-day moving averages are all being exceeded by Adani Green shares, while the 5-, 10-, 20-, and 30-day moving averages are being undervalued.
