Qatar Investment Authority Acquires Shares Worth ₹39.2 Billion in Adani Green

Infinite Trade and Investment, a stakeholder of AGEL, divested 44.88 million shares


INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, has acquired a significant stake in Adani Green Energy (AGEL) by purchasing 42.6 million shares. The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million).

INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).

This is Qatar Investment Authority’s second investment in an Adani group company after Adani Electricity Mumbai. In 2019, the sovereign fund invested ₹32 billion (~$386 million) for a 25.1% stake in the Adani subsidiary, which owns the power distribution business in Mumbai.

Adani Green generated revenue of ₹20.6 billion (~$250.36 million) from the sale of energy in the first quarter of the financial year 2024, a 55% year-over-year increase from ₹13.28 billion (~$165.11 million).

It has a total operational renewable capacity of 8,316 MW, with the addition of 1,750 MW solar-wind hybrid, 212 MW solar, and 554 MW wind power projects over the last year.

Adani New Industries, another wholly-owned subsidiary of Adani Enterprises, recently secured a trade finance facility of $394 million from Barclays and Deutsche Bank to fulfill the working capital needs of their integrated solar module manufacturing facility.

Adani Green plans to raise ₹123 billion (~$1.4 billion) through the sale of shares via qualified institutional placement or permissible methods. Adani Green intends to issue a specific number of equity shares, each having a face value of ₹10 (~$0.12), alongside other eligible securities or a combination thereof. The aggregate amount raised will not exceed ₹123 billion (~$1.4 billion) or an equivalent sum.

Adani Green was among the top five utility-scale solar project developers in 2022, according to Mercom’s India Solar Market Leaderboard 2023. The company had a market share of 11%.