Shares of Adani Enterprises surged 6 per cent to Rs 2,418.60 on the National Stock Exchange (NSE) in Wednesday’s intra-day trade on the back of heavy volumes. Till 10:49 am; around 23 million shares of the company had changed hands, as compared to an average sub 7 million shares traded over last 10 days on the NSE.
The upmove came as the promoter entities of Adani group sold part of their stake in Adani Green Energy and Adani Enterprises to raise $1 billion. The proceeds will be used by the promoters to pre-pay debt.
About 48 million shares, or 3 per cent of total equity of Adani Green changed hands and 1.6 per cent stake or 18 million shares in AEL was sold via block deals to several investors. Total shares worth Rs 8,542 crore were sold.
