The West Asian-based sovereign investment fund, Qatar Investment Authority, acquired a 2.7 per cent stake in Adani Green Energy (AGEL) for ₹3,920 crore via block deals on Monday. Banking sources state that the proceeds will be used by the group to reduce its debt and for other general corporate purposes.
The investment by the Qatar sovereign fund is a significant vote of confidence in the company, which boasts an operational capacity of 8,316 megawatt (Mw), making it the largest operating renewable energy portfolio in the country.
AGEL shares closed 4.69 per cent down at ₹965 per share, resulting in a total valuation of ₹1.53 trillion for the company. Before the transaction, the promoters owned a 56.27 per cent stake, which has now been diluted by 2.7 per cent.
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