Adani Stock Is Few Rupees Away From 1-Year High, Q3 In Focus, Completes Funding Of $750 Mn Holdco Bonds

Adani Group-backed Adani Green Energy is in focus on Monday ahead of its Q3 results for FY24. Ahead of the earnings, Adani Green is trading just a few rupees away from its 52-week high levels. The company is also focused on completing funding of the reserves for the $750 million Holdco bond.

At the time of writing, Adani Green's share price is at Rs 1,706.95 apiece, up by Rs 42.45 or 2.55% on BSE with a market cap of Rs 2,70,386.42 crore. The stock touched an intraday high of Rs 1,737.75 apiece.

Adani Green is currently trading near its 52-week high of Rs 1,798.40 apiece. In six months span, Adani Green share price has rallied by nearly 57% on BSE. In a year, the upside is over 44%.

As per the regulatory filing, the company's board members are scheduled to meet on Monday, January 29, 2024, to consider and approve the Unaudited Financial Results for the quarter and nine months ending December 31, 2023.

Q3 results are the major drivers in Adani Green's share price.

As per Trendlyne data, currently, Adani Green has weekly average delivery volume is 64.48%. The stock price is trading above 8 out of 8 SMAs, while it is above 4 out of 9 Oscillators in bullish zone.

Further, on Monday, Adani Green announced that it has completed the funding for the $750 million 4.375 notes due 09 September 2024 (Holdco Notes) with the receipt of the funds under the preferential allotment of Rs 9,350 Cr (USD 1,125 million) to the promoters of AGEL.

Notably, Adani Green's shareholders approved the preferential allotment with an overwhelming 99.9% majority on 18 January 2024 and thereafter the promoters funded Rs 2,338 crore (USD 281 million) primary infusion into AGEL last week. AGEL has set aside the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, post which the funding of the reserves has been completed.

That being said, the entire bond redemptions are fully set aside in the respective accounts by way of term fixed deposits which can be utilised only for the redemption of the Holdco Notes. The bond stands defeased, 8 months before the maturity date of the Holdco Notes.

Underpinning the repayment is the successful equity capital raise program of USD 1.425 billion (includes USD 1.125 billion of preferential issuance by promoters and USD 300 million from TotalEnergies JV), reflecting the deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL's strategic priorities of achieving its target of 45 GW by 2030, it said.

Adani Green Energy Limited (AGEL) is India's largest and the world's leading renewable energy solutions partner enabling the clean energy transition. AGEL develops, owns, and operates utility-scale grid-connected solar, wind and hybrid renewable power plants. With a locked-in growth trajectory up to 20.6 Gigawatt (GW), AGEL currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.

AGEL is credited with developing several landmark renewable energy power plants, the latest being the world's largest wind-solar hybrid power cluster of 2,140 Megawatt (MW) in Jaisalmer, Rajasthan. The company has set a target of achieving 45 GW by 2030 aligned to India's decarbonization goals. AGEL is focused on leveraging technology to reduce the Levelized Cost of Energy (LCOE) in pursuit of enabling largescale adoption of affordable clean energy.