New Delhi: In the trading session on Tuesday, ahead of the business board meeting to discuss fundraising strategies, Adani Green Energy Ltd. shares soared and continued to increase their gains. On Thursday, July 6, the Adani Group’s renewable energy division company board will convene, according to a filing with the stock exchange.
According to the statement, Adani Green is likely to consider raising money through the issuance of equity shares or any other eligible securities through legal channels, such as, but not limited to, a private placement, a qualified institutions placement, preferential issue, or any other method or combination of ways that may be allowed by applicable laws
In block agreements, the GQG Partners reportedly purchased a 2.2% stake in Adani Green Energy, consisting of 35.2 million shares, and a 1.6% investment in Adani Enterprises, composed of 18 million shares.
As the stock has increased 117% since its 52-week low of Rs 439.35 on February 28, 2023, shares of Adani Green Energy have given investors multi-bagger gains. The stock is down 63% from its 52-week high of Rs2574.05. Despite this comeback.
Since the Adani conglomerate’s shares plunged due to Hindenburg Research’s damning research accusing the organisation of stock manipulation, accounting fraud, and other financial wrongdoing, Rajiv Jain-led GQG Partners have been aggressively investing in it. The Adani companies lost $147 billion due to the subsequent stock crash.