Adani Green Energy Starts Trading on Bombay Stock Exchange
The company has been listed as a T group security
June 19, 2018
Domestic renewable energy project developer, Adani Green Energy, has been listed on the Bombay Stock Exchange (BSE).
According to the BSE filing, effective from June 18, 2018, the equity shares of Adani Green Energy Ltd (Scrip Code: 541450) are listed and admitted to dealings on the Exchange in the list of ‘T’ Group Securities.
When contacted, a source aware of the development said, “Being listed as a T group security means that Adani Green shares cannot have intraday sale for the next 10 days. And as of now, only retail customers can purchase shares, and they will have to pay delivery.”
Adani Green Energy was incorporated in January 2015 and operates with 22 subsidiaries and associates. In February 2018, the renewable energy business of Adani Enterprises was demerged into Adani Green Energy. The reason for the demerger was stated as: to provide greater focus on the growing renewable energy business which is capable of attracting a different set of investors, strategic partners, lenders and other stakeholders. The demerger is also expected to provide a scope for independent collaboration and expansion.
According to the statement filed by Adani Green Energy, it has a renewable portfolio of 3,145 MW – 997 MW of wind projects and 2,148 MW of solar projects. Of this, operational projects total 1,958 MW – 60 MW of wind and 1,898 MW of solar. The projects are spread across 12 Indian states, including: Gujarat, Punjab, Rajasthan, Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Chhattisgarh, Jharkhand, Madhya Pradesh, and Uttar Pradesh. This portfolio totals 36 operational projects and three projects under construction.
Mercom India Research’s latest report – India Solar Market Leaderboard 2017 – shows Adani as the largest solar project developer in terms of total cumulative installations. There were five developers with installations of over 1 GW at the end of 2017.
In India, there are over 200 utility-scale project developers, each with projects of at least 5 MW or more in operation.
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.