In Adani Green Energy, the Qatar Investment Authority has a 2.5% stake

According to industry reports, Qatar’s sovereign wealth fund Qatar Investment Authority (QIA) purchased a stake in Adani Green Energy Ltd (AGEL) of more than 2.5% for over USD 500 million.

Following Adani Electricity Mumbai Ltd (AEML), this is the second investment by the ESG-focused (environmental, social, and governance) fund in an Adani Group entity. In 2020, QIA bought a 25.1% share in AEML, an affiliate of Adani Energy Solutions Ltd., which operates Mumbai, India’s energy distribution company.

 

Infinite Trade and Investment, a member of the promoter group for Adani Green Energy, sold a 2.8% share in the business on Monday for Rs 4,131 crore in an open market transaction, according to exchange data.

 

The transaction size increased to about Rs 4,131 crore when the promoter firm sold 4,48,82,500 shares, or 2.8% of the outstanding shares, at a price of Rs 920.43 per share.

 

According to market statistics, INQ Holding LLC, a fully owned subsidiary of the Qatar Investment Authority, purchased 4.26 billion shares, or 2.68 percent of Adani Green Energy.

 

The average price per share paid for the shares brought the transaction value to Rs 3,920 crore.

 

Following the purchase, Infinite Trade and Investment’s ownership in Adani Green Energy dropped from 3.37 percent to 0.57 percent. At the conclusion of the June quarter, promoters and promoter group owned 56.27 percent of the firm.

 

On Monday, Adani Green Energy shares plunged up to 13% intraday before ending at Rs 965.05, still down by 4.69%, on the BSE.

 

One of the biggest sovereign funds in the world, according to industry sources, is the Qatar Investment Authority (QIA). “It made a $500 million AGEL investment. With this investment, QIA will own just under 2.5% of AGEL, according to one of the sources.

 

8.3 GW of AGEL’s renewable energy capacity is operational, and 20.4 GW of that capacity is currently locked in. By FY30, the business wants to have 45 GW of capacity built.

 

The chairman of the Adani Group, Gautam Adani, said this month that “our focus remains on producing the lowest cost electron and I would like to reaffirm our target of 45 GW of renewable energy capacity by FY30.” With this, AGEL will own a more than 10% market share for renewable energy in India.