According to the brokerage's analysts, the Electricity Distribution Act will be back on the table after the May 2024 elections
The strategic acquisition aligns with Adani Energy Solutions Ltd's goal of enhancing value for its shareholders through a combination of organic and inorganic growth opportunities
KVTL project starts in the Kharghar area of Navi Mumbai, traverses through its urban locations and terminates at Vikhroli in Mumbai city.
This acquisition is proposed to further AESL’s strategy for enhancing value for its shareholders through organic as well as inorganic opportunities, the company said.
Adani Energy Solutions, erstwhile Adani Transmission, is the country’s largest private transmission company, with a presence across 14 states.
Adani Transmission received letter of award for three smart metering projects in Andhra Pradesh totalling 2.7 million smart meters with a contract value of Rs 3700 crore during the quarter.
The fundraising plans for Adani Green come after two other group companies, namely, Adani Enterprises and Adani Transmission announced plans to raise a cumulative total of Rs 21,000
Promoter entity Fortitude Trade and Investment offloads entire 3.39 crore shares or 3.04 percent stake in Adani Transmission at an average price of Rs 786.17 per share, which amounted to Rs 2,666.5 crore.
The large deal in Adani Transmission involved shares worth Rs 3,103 crore.
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The company had sought shareholders' approval through postal ballot to raise up to Rs 8,500 crore by way of qualified institutional placement through issuance of equity shares and/or other eligible securities to eligible investors on May 15, 2023.
"As a part of review of the surveillance action, the price band are revised in the various scrips. The revised price band will be effective from June 7, 2023," the exchange said.
The entire fundraising of USD 3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal.
The total income of the company increased to Rs 3,494.84 crore from Rs 3,165.35 crore in the year-ago quarter.
The two companies have stated that the fundraising will be conducted by issuing shares and other eligible securities by way of QIP or other permissible modes.
The BSE and the NSE have removed Adani Transmission, Adani Green Energy, and Adani Total Gas from the ASM or additional surveillance framework. The ASM framework is intended to enhance market integrity and protect the interests of investors
MSCI has announced the biggest weight increase in Kotak Mahindra Bank, which could lead to inflow of $810 million
Adani Enterprises Ltd., the flagship, as well as Adani Green Energy Ltd. and Adani Transmission Ltd., may raise between $3 billion and $5 billion for a war chest to bolster the businesses, the people said, asking not to be identified as the information is private
The move is another effort by the port-to-power conglomerate to restore investor confidence after a Hindenburg Research report in January accused it of fraud
The Adani-Group refuted claims and clarified that it has completed full prepayment of margin linked share backed financing totaling $2.15 billion.
Most of the senior debt at the Adani group’s rated Indian entities as of end-December 2022 is offshore and largely secured, says Fitch Ratings.