The move is being seen as growing investor confidence in the Adani Group of companies.
The conglomerate lost half its market capitalization after the report by Hindenburg Research was published in January this year. Despite suffering a knockout punch, Adani Group has managed to stand back on its feet and gain investor confidence.
INQ Holding LLC bought a 2.7% stake in Adani Green Energy for ₹3,920 crore Monday. INQ is a wholly-owned subsidiary of Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund.
QIA bought 42.6 million shares in a bulk deal, with an average of ₹920 per share. According to stock exchange data, INQ Holding acquired the shares from AGEL’s promoter entity, Infinite Trade and Investment.
An article published on Financial Express mentions the following:
“AGEL’s promoter entity sold 44.88 million shares, amounting to a 2.83% stake, at Rs 920.43 a share. This amounted to Rs 4,131 crore ($500 million). After the bulk deal, Infinite Trade and Investment’s holding fell to 0.57% from 3.37%. As of June 30, the total promoter holding in AGEL was at 56.27%”
“AGEL, the renewable energy arm of Adani Group, had an operational capacity of 8,316 MW as of June-end. This was following the addition of 1,750 MW solar-wind hybrid, 212 MW solar and 554 MW wind power plants over the last one year. The company aims to build 45 GW (45,000 MW) of capacity by FY30,” the article further reads.
While it is good news for Adani, let us try to understand the importance of Green energy.
Green energy is a sustainable alternative to fossil fuels, which adds to pollution and climate change. Green energy negates the negative aspects of burning fossil fuels and is regarded as a cleaner form of energy. One of the positive aspects of Green energy is that it is renewable and does not cause long-term damage to the earth.
According to a report by Bloomberg, companies investing in green energy are significantly increasing every year. An article published on Investopedia mentions the following:
“A new study by Bloomberg New Energy Finance found that global investment in transitional technologies reached $755 billion in 2021. In order to stay on track for reducing net carbon emissions to zero, investment in transitional energy will have to reach over $2 trillion between 2022 and 2025 and about $4.1 trillion from 2026 to 2030.”
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