Shares of Adani Green Energy Ltd (AGEL) on Tuesday jumped over 4 per cent as Gautam Adani and his family will inject Rs 9,350 crore into the conglomerate's green energy arm to equip it to achieve the 45 GW target by 2030 and to meet debt payment obligations.
The stock rallied 4.30 per cent to Rs 1,599.90 on the BSE. During the day, it zoomed 6.26 per cent to Rs 1,630.
At the NSE, it jumped 4.37 per cent to Rs 1,600.20.
The company's market valuation climbed Rs 10,446.7 crore to Rs 2,53,429.36 crore.
In terms of volume, 4.22 lakh shares of the company were traded at the BSE and over 28.10 lakh shares at the NSE during the day.
The board of Adani Green Energy Ltd on Tuesday approved the plan to issue 6.31 crore warrants at Rs 1,480.75 apiece to promoter group companies, Ardour Investment Holding Ltd and Adani Properties Pvt Ltd.
The investment of Rs 9,350 crore "will be used for deleveraging and accelerated capital expenditure" in AGEL, the firm said in a company filing.
The investment would give the promoter group firms a 3.833 per cent equity stake in the company.
The fund infusion is part of Adani's comeback strategy since it was hit by damaging allegations of corporate fraud by Hindenburg Research in January. While the company denied any wrongdoing, Adani group companies lost over USD 50 billion in market value at the lowest point. Some of that loss has been recovered in months thereafter.
