homemarket Newsstocks NewsAdani Green Energy surges over 10% on acquisition of 10 renewable energy projects

Adani Green Energy surges over 10% on acquisition of 10 renewable energy projects

Adani Green Energy surges over 10% on acquisition of 10 renewable energy projects
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By Anay Mridul  Aug 30, 2019 10:18:32 AM IST (Published)

At 10.08 am, AGEL shares quoted at Rs 46.40, up 6.91 percent, while the broader Nifty50 traded at 10,984, up 0.33 percent.

Adani Green Energy ltd shares surged over 10 percent on Friday, hitting the day’s high at Rs 47.85 per share. The stock gained value after the company announced on Thursday it would acquire ten solar energy assets from Essel Green Energy and Essel Infraprojects for Rs 1,300 crore. The total generating capacity of the energy of the solar energy assets is 205 MW.

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“Adani Green Energy has entered into a securities purchase agreement for acquisition of 100 percent equity interest in ten companies… from Essel Green Energy and Essel Infraprojects,” the company said in a BSE filing.
The enterprise value of the acquisition is about Rs 1,300 crore, which will be subject to closing adjustments, if any, on or before the closing date. The consideration would be paid in cash, it added. The transaction is expected to be completed by October 15, 2019.
The 10 companies have a combined capacity of 205 MW spread across three states — Karnataka, Uttar Pradesh and Punjab.
The ten firms are: Essel Bagalkot Solar Energy, Essel Gulbarga Solar Power, Essel Urja, KN Bijapura Solar Energy, KN Indi Vijayapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, PN Clean Energy, PN Renewable Energy and TN Urja.
AGEL had on August 7 reported widening of consolidated net loss to Rs 97.44 crore in June quarter from Rs 74.26 crore a year ago, mainly due to higher finance cost and an exceptional adjustment.
The consolidated loss in June quarter after cash profit was at Rs 77 crore, the company had said in a BSE filing. The company's total income rose to Rs 675.23 crore in June quarter from Rs 482.42 crore a year ago.
Shares of Adani Green Energy opened at Rs 46 apiece, up almost 6 percent from its Thursday close of Rs 43.60.
So far this year, AGEL shares have surged 11.35 percent, but the one year return on the stock remains negative with the share down by over 21 percent.
At 10.08 am, AGEL shares quoted at Rs 46.40, up 6.91 percent, while the broader Nifty50 traded at 10,984, up 0.33 percent.
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-with inputs from PTI
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