Adani Green Energy cancels Wednesday board meeting to consider fundraising


Adani Green Energy Ltd on Tuesday said the board meeting on fundraising, scheduled for Wednesday, has been cancelled due to non-availability of directors.

“It may please be noted that on account of non-availability of Directors, the meeting of the Board of Directors is now cancelled. The next date of meeting will be informed with a fresh notice,” the Adani firm said in a stock exchange filing.

Adani Green Energy on May 12 informed that the Board Meeting to be held on May 13 had been re-scheduled and would be held on May 24, 2023.

Earlier on May 10, the company had said its board meeting scheduled on May 13 at Ahmedabad, inter alia, was to consider and approve the proposal of raising of funds by way of issuing equity shares or any other eligible securities through permissible modes.

On Tuesday, Adani Green Energy’s scrip on BSE closed 5 per cent higher at Rs 989.50.

Adani firms’ fundraising plans come months after the group’s listed companies lost nearly $147 billion in market value earlier this year after US short seller Hindenburg Research raised several questions on governance at the conglomerate. The Group has denied any wrongdoing.

All Adani Group stocks extended their rally, with Adani Enterprises climbing over 13 per cent on Tuesday, after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies.

The stock of Adani Enterprises zoomed 13.19 per cent on the BSE.

Shares of Adani Wilmar jumped 9.99 per cent, Adani Power climbed 5 per cent, Adani Transmission (5 per cent), Adani Green (5 per cent), Adani Total Gas (5 per cent) and NDTV (4.99 per cent).

The stock of Ambuja Cements climbed 0.90 per cent, Adani Ports gained 0.53 per cent and ACC went up 0.25 per cent.

Some group stocks also hit their upper circuit limits during the trade.

The combined market valuation of all the ten group firms now stands at Rs 10,79,497.65 crore.

In three days, the combined market valuation of all the group firms has jumped Rs 1,77,927.29 crore.

However, the six-member Supreme Court-appointed panel said there was evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research that alleged fraud, stock manipulation, and money laundering at the apples-to-port group.

The committee, headed by former Supreme Court judge Justice A M Sapre, in its 173-page report, said that based on the data from Securities and Exchange Board of India (Sebi), it saw ”no evident pattern of manipulation” in the steep stock price rise in Adani group companies that can be attributed to ”any single entity or group of connected entities”.

It was not possible to conclude whether there had been regulatory failures regarding price manipulations, the panel said in the report.

While the report is not the final word, it certainly comes as a relief for Adani’s empire.

”Adani stocks have rallied in response to the Supreme Court expert panel’s remark that ”at this stage, taking into account the explanations provided by Sebi, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation”.

With inputs from PTI