Adani Energy Solutions rallies 5% on incorporating subsidiary

Adani Energy Solutions has incorporated AESSTL with an authorised and paid-up share capital of Rs 1 lakh each

Shares of Adani Energy Solutions jumped over 5 percent on January 29 after the company incorporated a wholly owned subsidiary, Adani Energy Solutions Step-Twelve Limited (AESSTL).

The company has been incorporated for transmission, distribution and supply of power and other infrastructure services relating thereto, Adani Energy Solutions said.

In a regulatory filing on January 27, Adani Energy Solutions informed that it has incorporated AESSTL with an authorised and paid-up share capital of Rs 1 lakh each. The turnover of the subsidiary is nil as it is yet to commence business operations.

AESSTL was incorporated in India and registered with the Registrar of Companies, at Ahmedabad on January 25, 2024. Adani Energy Solutions acquired equity shares at a face value of Rs 10 each.

At 9:54am, Adani Energy Solutions shares were trading 5 percent higher at Rs 1,116.55 on the National Stock Exchange (NSE). The stock has risen around 24 percent in the last one year, slightly outperforming benchmark Nifty 50 which has risen a little over 21 percent during this period.

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Meanwhile, Adani Enterprises and Adani Power shares jumped over 3 percent on January 29 after AdaniConnex (ACX), a 50:50 joint venture of Adani Group and EdgeConneX, signed a contract with Adani Power to acquire a 100 percent equity stake in two wholly owned subsidiaries of the company.

Adani Power will sell Aviceda Infra Park Ltd (AIPL) for Rs 190 crore and Innovant Buildwell (IBPL) for Rs 350 crore to AdaniConnex. Both transactions are expected to be completed by March 31, 2024. Consequently, AIPL and IBPL will cease to be wholly owned subsidiaries upon completion of the sale, Adani Power said.

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