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Adani Green surges 10% in 2 days on report it may acquire SB Energy

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  • Trading volumes on the counter nearly doubled, with a combined 708,026 equity shares having changed hands on the NSE and BSE till the time of writing of this report

Shares of Adani Green Energy were locked within the 5 percent upper circuit band for the second straight day, at Rs 1,199.65 on the BSE on Tuesday, after a Bloomberg report suggested that the Adani Group Company is in advanced talks to accumulate privately-held SB Energy Holdings Ltd.

Trading volumes on the counter nearly doubled, with a combined 708,026 equity shares having changed hands on the NSE and BSE till the time of writing of this report. there have been pending buy orders for around 125,000 shares on both the exchanges, data shows.

Despite two consecutive days of gains, Adani Green Energy has underperformed the market over the past six months by gaining 11 percent as compared to a 13 percent rise within the S&P BSE Sensex. The stock of the renewable power service had hit an all-time high of Rs 1,341.60 on March 24, 2021.

According to a Bloomberg report, the deal could value SB Energy, owned by SoftBank Group Corp. and Bharti Enterprises Ltd., at quite $650 million. Adani Green is exploring a buyout of the renewable energy company through an all-stock deal, the report said.

A deal could help Adani Green to succeed in its planned generation capacity of 25 gigawatts by 2025. Shares in Adani Green have risen quite 370 percent within the past year, giving the corporate market price of about $23 billion, consistent with the report

Adani Green Energy (AGEL) has one of the most important global renewable portfolios of 14.8 gigawatts (GW) of operating, under-construction, and awarded projects catering to investment-grade counterparties. the corporate develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind park projects. Key customers of AGEL include the National Thermal Power Corporation (NTPC) and solar power Corporation of India (SECI) and various State Discoms.

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Adani Green To Acquire SoftBank Backed SB Energy India For EV Of Rs 26,000 Crore

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Mumbai: Gautam Adani led Adani Green Energy Limited (AGEL) has agreed to accumulate a 100% stake in SB Energy India with a renewable energy portfolio of 4954 megawatts (MW) from SBG (80%)…
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