Adani Green Energy (AGEL) doubled investor wealth in the last one year despite the market volatility. The stock has risen 113 percent, from around Rs 32 last year to Rs 68 currently.
In comparison, the BSE Sensex has gained 8 percent during this period.
AGEL is a subsidiary of the Adani Group and one of the largest renewable power generation companies in India.
The stock hit its 52-week high of Rs 74.30 on October 9, 2019, and a 52-week low of Rs 29.15 on October 10, 2018. The stock has risen nearly 75 percent since the beginning of this year.
AGEL intends to use all of the proceeds to repay their respective foreign currency loans, rupee borrowing and the balance of the net proceeds for capital expenditure, other project-related liabilities or for general corporate purposes, in accordance with guidelines prescribed by the Reserve Bank of India (RBI).
The proceeds raised through the bond issuance will be used explicitly for three subsidiaries of Adani Green — Wardha Solar (Maharashtra) Pvt Ltd, Kodangal Solar Park Pvt Ltd, and Adani Renewable Energy (RJ) Ltd.
This is a Syndicate News-Feed