The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has bought a 2.7% stake in Adani Green Energy, a renewable energy Indian behemoth owned by Adani Group, in a $500 million block deal recently.
As per reports, before the deal, Adani Green Energy’s shares fell nearly 12.4% to hit a low of 886.2 Indian rupees ($10.71) on the Bombay Stock Exchange (BSE).
The shareholding data available with the exchange revealed that the promoter and promoter group hold a 56.27% stake in the firm, while the rest is with the public as of June 30, 2023.
In the year 2020, QIA bought a 25.1% share in AEML Adani Electricity Mumbai Ltd., a subsidiary of Adani Energy Solutions Ltd, India’s energy distribution company, as per the report.
Adani Green Energy has one of the largest global renewable portfolios with an overall locked-in portfolio of 20.4 GW, including operating, under construction, and awarded projects catering to investment-grade counterparties.
Adani Green Energy’s consolidated net profit for the June quarter was reported to rise 51 percent year-on-year (YoY) to Rs 323 crore as compared to Rs 214 crore in the same quarter last year. At the same time, the revenue from operations jumped 33 percent to Rs 2,176 crore for the June quarter, compared with Rs 1,635 crore in the corresponding period of last year.