Adani Green Energy on Saturday has announced that Adani Renewable Energy Holding Four Limited, a wholly-owned subsidiary of the company, has transferred 74% shareholding of Mundra Solar Energy (MSEL) to Adani Tradecom LLP (ATLLP), a wholly-owned subsidiary of Adani Enterprises on May 21, 2021.
MSEL is incorporated to manufacture crystalline silicon solar PV cells, modules and ancillary operations, which is in a similar line of business undertaken by Adani Enterprises through its subsidiary namely, Mundra Solar PV, Adani Green Energy said in the filing.
This acquisition will bring synergy in its current manufacturing operations and enhance the market share by its brand value, it added.
Stock view:
Adani Enterprises Ltd ended at Rs1,308.25 down by Rs6.55 or 0.5% from its previous closing of Rs1,314.80 on the BSE.
Adani Green Energy Ltd ended at Rs1,362.25 up by Rs61.8 or 4.75% from its previous closing of Rs1,300.45 on the BSE.
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