Major Stake Sale in Adani Green Energy
TotalEnergies Renewables Indian Ocean, a subsidiary of the global energy company TotalEnergies, has sold a 1.7% equity stake in Adani Green Energy to 17 investors through block deals on December 10.
Details of the Sale
The company sold 2.86 crore equity shares of Adani Green Energy for Rs 2,778.09 crore, with a transaction price of Rs 970 per share. This sale has brought down Adani Green Energy shares by nearly 1% to Rs 989.8 on the National Stock Exchange (NSE).
Investors Who Bought the Stake
The largest buyer in the block deal was Quant Mutual Fund, which purchased 1.23 crore shares (0.75% stake) for Rs 1,200 crore. Other investors who acquired stakes include:
- BNP Paribas Financial Markets
- Edelweiss Mutual Fund
- Vanguard Emerging Markets Shares Index Fund
- Amity Holdings
- Cohesion MK Best Ideas
- Visaria Family Trust
- Authum Investment
Partnership Between TotalEnergies and Adani Green Energy
In 2020, Adani Green Energy announced a partnership with TotalEnergies by forming a 50-50 joint venture AGEL23 for the operation of 2.3 GWac/3.1 GWp of solar projects. TotalEnergies acquired a 20% stake in Adani Green Energy in January 2021 and later formed two more 50-50 joint ventures for renewable energy projects in 2023 and 2024.
Other Market News
Meanwhile, Vidya Wires rose 2.25% to Rs 53.17 on its listing day, despite a stake sale by Citigroup and Abundantia Capital. Citigroup Global Markets Mauritius sold 24.95 lakh shares for Rs 13.59 crore, while Abundantia Capital offloaded 10.66 lakh shares for Rs 5.54 crore.