Monday, Aug 15, 2022
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Adani Group Shares Rally After $2 Billion Deal With Dubai-Based IHC

IHC will invest Rs 3,850 crore in Adani Green Energy Ltd (AGEL), Rs 3,850 crore in Adani Transmission Ltd (ATL), and Rs 7,700 crore in Adani Enterprises Ltd (AEL).

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Chairman of Adani Group Gautam Adani PTI FILE

Shares of Adani Group rallied on Monday after Dubai-based conglomerate International Holding Company (IHC) announced that it will invest $2 billion in three green-focused companies of Adani Group. 

Stocks of Adani Green Energy Limited (AGEL) surged 9.08 per cent to hit fresh 52-week high of Rs 2,520. At 2:32 pm, shares of AGEL advanced 8.1 per cent to Rs 2,323. Meanwhile, shares of Adani Transmission Limited were up 3.46 per cent at Rs 2,630, while Adani Enterprises advanced 0.1 per cent at Rs 2,174. 

According to the Adani Group, “IHC will invest Rs 3,850 crore in Adani Green Energy Ltd (AGEL), Rs 3,850 crore in Adani Transmission Ltd (ATL), and Rs 7,700 crore in Adani Enterprises Ltd (AEL).”

Other Adani Group companies were outperforming ina an otherwise weak session. Shares of Adani Wilmar jumped 5.1 per cent to Rs 577. Adani Power rallied 5 per cent to Rs 231, Adani Ports and Special Economic Zones surged 1.5 per cent to Rs 839 and Adani Total Gas advanced 9.3 per cent to hit 52-week high of Rs 2,650.

"IHC and Adani portfolio are committed to growing the business partnership across multiple strategic opportunities in India, the Middle East, and Africa," the company said. The boards of AGEL, ATL, and AEL met and approved the transaction on Friday.

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