Adani Green Energy arm to acquire 50% stake in Essel Saurya; stock slips ~3%

18 Jan 2023 , 12:02 PM

Adani Green Energy Limited informed that Adani Renewable Energy Holding Two Limited, a Wholly-owned Subsidiary of Adani Green Energy Limited has entered into a binding term sheet on January 17, 2023, for the acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan Limited (ESUCRL) from Seller.

ESUCRL owns and operates a 750 MW Solar Park in Rajasthan.

The acquisition will broaden AGEL’s presence in Rajasthan, where the company already owns and operates a solar park in a joint venture with the government of Rajasthan, Adani Renewable Energy Park Rajasthan Limited. Company’s shareholders are expected to benefit from the acquisition.

The consideration has been fixed at Rs15 crore for the acquisition of a 50% stake in ESUCRL. The transaction shall be completed by February 28, 2023. 

The company also informed that the remaining 50% stake shall be held by the Government of Rajasthan.

At around 12.00 PM, Adani Green Energy was trading 3.35% lower at Rs2,094 apiece, against the previous close of Rs2,166.15 on NSE. The counter touched an intraday high and low of Rs2,184 and Rs2,081 respectively.

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