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Adani Green Energy zooms on inking agreement to acquire 205 MW solar assets

Adani Green Energy is currently trading at Rs. 46.05, up by 2.70 points or 6.23% from its previous closing of Rs. 43.35 on the BSE.

The scrip opened at Rs. 45.55 and has touched a high and low of Rs. 47.90 and Rs. 45.55 respectively. So far 103141 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 62.70 on 30-Aug-2018 and a 52 week low of Rs. 29.15 on 10-Oct-2018.

Last one week high and low of the scrip stood at Rs. 47.90 and Rs. 42.55 respectively. The current market cap of the company is Rs. 7272.67 crore.

The promoters holding in the company stood at 74.92%, while Institutions and Non-Institutions held 20.62% and 4.46% respectively.

Adani Green Energy has entered into a Securities Purchase Agreement for acquisition of 100% equity interest in ten Companies i.e. Essel Bagalkot Solar Energy Private, Essel Gulbarga Solar Power, Essel Urja Private, KN Bijapura Solar Energy, KN Indi Vijayapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, PN Clean Energy, PN Renewable Energy and TN Urja from Essel Green Energy and Essel Infraprojects.

The target entities comprises of 10 operating Solar PV Companies with combined capacity of 205 MWac spread across 3 states of Karnataka, Uttar Pradesh and Punjab in India. The transaction is expected to be completed by October 15, 2019. The cost of acquisition is Enterprise Value of around Rs 1,300 crore.

Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.

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