Adani Green Energy Ltd share price gained in early trade on Wednesday, locked in the 5 percent upper price band after the company announced the acquisition of SoftBank-backed SB Energy in a $3.5 billion deal.
At 10.10 am, Adani Green Energy shares quoted at Rs 1,248 apiece, still up 4.10 percent. The stock opened at Rs 1,244, jumping from its previous close of Rs 1,198.75. The stock touched the upper price limit of 5 percent at Rs 1,258.65 with volumes of over 9.82 lakh shares traded so far.
Adani Green Energy said it signed share purchase agreements for the acquisition of 100 percent interest in SB Energy India from SBG and Bharti Group.
"SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately USD 3.5 billion," Adani Green Energy said in a regulatory filing.
The target portfolio consists of large-scale utility assets with 84 percent solar capacity (4,180 MW), 9 percent wind-solar hybrid capacity (450 MW) and 7 percent wind capacity (324 MW).
The portfolio comprises 1,400 MW operational solar power capacity and a further 3,554 MW is under construction, it added.
With this acquisition, Adani Green Energy will achieve a total renewable capacity of 24.3 GW and an operating renewable capacity of 4.9 GW.
(Edited by : Ajay Vaishnav)