TAQA, among the largest integrated utilities in Europe, West Asia and Africa and also the second-largest stock on Abu Dhabi Securities Exchange (ADX), is keen to deploy $1.5-2.5 billion in Adani Group firms or in a single entity, people familiar with the matter told ET. However, both sides believe there is maximum synergy between TAQA and Adani Energy Solutions, formerly Adani Transmission, to forge a strategic alliance and work together on projects in North Africa and West Asia.
TAQA is keen to pick up a stake of as much as 19.9% through a combination of primary infusion into the company and the secondary purchase of shares from promoter family entities. The current value of Adani Energy Solutions is Rs 91,660 crore with promoters owning a 68.28% stake. At current prices, a nearly 20% stake would be valued nearly Rs 18,240 crore ($2.19 billion).
GQG Partners and its affiliates already own around 5.5% in Adani Energy Solutions as per June disclosures.
At 10.11 am, shares of Adani Energy Solutions were trading 3% higher at Rs 846.5 on BSE. However, in the last one year, the stock has declined over 75%.
Meanwhile, shares of Adani Green Energy also rose over 5% to Rs 980.6 on BSE as its associate firm, Mundra Solar Energy, received approval for its solar photovoltaic manufacturing plant at Mundra, Gujarat from the Solar Energy Corp. of India (SECI). The plant has a capacity of 2.0 GW per annum.
Adani Green Energy owns a 26% stake in Mundra Solar Energy through its wholly-owned subsidiary Adani Renewable Energy Holding Four Limited (AREH4L). This manufacturing facility has been set up as a part of a manufacturing-linked tender awarded to AREH4L, which is setting up 8 GW of solar power generation projects.At 10.11 am, Adani Green Energy stock was trading 4% higher at Rs 970.5. However, the stock has plunged over 55% in the last one year.
Adani Power shares also jumped nearly 4% to Rs 297 in Friday’s trade amid an 8.1% stake sale to the US-based investment firm GQG, along with other investors in a $1.1 billion deal on Wednesday.
On a year-to-date basis, shares of Adani Power are down 2%, however, they have plunged 27% in the past one year.
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