8 Apr 2022 , 12:59 PM
Earlier today, the boards of ATL, AGEL, and AEL has approved the said transaction. However, the investment is subject to further approvals from shareholders and shall comply with SEBI regulations.
Commenting on the investment Mr. Sagar Adani, Executive Director, AGEL said, “We are pleased to commence this inter-generational relationship with IHC. We are highly committed to the shared vision and values of investment in sustainable infrastructure, green energy, and energy transition. This is a landmark transaction and marks the beginning of a wider relationship between The Adani Group and IHC and attracting further investment from UAE into India.”
IHC is set to invest Rs3,850 crore in AGEL and ATL each and Rs7,700 crore in AEL to comply with the SEBI regulations. This transaction is expected to be completed within one month. The companies will utilize the capital for pursuing the growth of the respective businesses, further strengthening the balance sheet and for general corporate purposes.
The three Adani companies — AGEL, ATL, and AEL — holds leadership positions in their business sectors and span the Adani Group’s green portfolio. Every one of these three businesses has the core aspects of ESG incorporated into their operations.
Adani Transmission is currently trading at Rs2,510 up by Rs51.8 or 2.11% from its previous closing of Rs2,458.20 on the BSE, and Adani Enterprises is currently trading at Rs2,159 up by Rs60.4 or 2.88% from its previous closing of Rs2,098.60.
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