Promoter entity sells 2.7% stake in Adani Green for Rs 3,919 cr; Qatar-based fund turns buyer

economictimes.indiatimes.com:

Infinite Trade And Investment has sold partial stake in Adani Green through bulk deals on Monday, while a Qatar-based sovereign fund bought some shares. According to bulk deals data available with the exchanges, Infinite trade has offloaded 4.2 crore shares in the company at a weighted average price of Rs 920 apiece. Through the sale, the promoter entity bagged Rs 3,919 crore.

Meanwhile, INQ Holding, a wholly-owned subsidiary of Qatar Investment Authority has bought 2.83% in Adani Green, data further showed. Adani Green is a majority promoter-owned company with 56.2% stake, while public shareholders own the rest of 43.7%. Among the public shareholders, mutual funds have a negligible 0.11%, while foreign investors own a big chunk of 16.14%.

Amid the bulk deal, the company's shares have slumped as much as 12% intraday, before recovering to close 4.6% lower. The stock was the biggest gainer among the group peers with 16% rise. Adani Green stock would remain in focus as its management will meet Avendus Spark, Emkay Global and Motilal Oswal separately between August 16-22.

Global brokerage firm Nomura has also shown interest in participating in a credit analyst and investor meeting on August 30. In the recent first quarter, Adani Green's consolidated net profit rose 51% to Rs 323 crore and revenue from operations jumped 33% to Rs 2,176 crore in the same period. Revenue from the power supply was up 55% to Rs 2,059 crore in the first quarter.

EBITDA for this segment stood at Rs 1,938 crore, up by 53% YoY. The company aims to grow its renewable power capacity to 45 GW by 2030 through solar, wind, and solar-wind hybrid solutions as major contributors. As per Trendlyne data, the average target price of the stock is Rs 402, which