Most Adani Group stocks traded with sharp gains on December 12, with Adani Green Energy shares leading the gains on the bourses, leading to a jump in conglomerate's m-cap by Rs 27,000 crore.
Adani Green Energy's arm commissioned a 250 MW solar power project in Rajasthan. Following the commissioning of this plant, the firm’s total operational renewable generation capacity increased to 11,434 MW. As a result, shares of Adani Green Energy were quoting Rs 1,232 on the NSE, higher by 7.2 percent.
Adani Power, Adani Total Gas, NDTV and Adani Ports were also higher by 2-5 percent each. The sole laggard was Ambuja Cements, down around 0.3 percent at 11.50 am.
With the gains, Adani Group stocks added nearly Rs 27,000 crore to investors' wealth, thus pushing the group's market cap to around Rs 13.6 lakh crore.
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Meanwhile, Mint newspaper reported, citing sources, that the conglomerate has initiated talks with a clutch of investors and banks to refinance $1.1 billion worth of loans of Adani Green Energy Ltd.
According to sources, the group has engaged in discussions with domestic financial institutions, as well as investors and lenders from West Asia, Europe, and Japan, for a private placement to refinance its loan.
The loans, borrowed from an undisclosed group of overseas banks, are due for repayment in March. The Adani Green projects tied to these loans are primarily backed by 25-year power purchase agreements ensuring assured cashflows.
Over the past few weeks, the Adani Group has faced renewed scrutiny as US prosecutors have charged founder Gautam Adani with participating in an alleged $250 million (~Rs 2,100 crore) bribery scheme to secure solar energy contracts in India. The indictment, filed in Brooklyn, New York, accuses Adani, along with Sagar R Adani and Vneet S Jaain, of orchestrating an elaborate scheme involving false statements to US investors and violations of federal laws.
The allegations also include attempts to obstruct justice by deleting electronic evidence and misleading the Justice Department, Securities and Exchange Commission (SEC), and FBI. In addition to the criminal charges, the SEC has filed a separate civil lawsuit.
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