Adani Enterprises trades ex-date to spin off its renewable energy biz

The stock surged 12% to Rs 148 on the BSE on back of heavy volumes

Adani Enterprises surged 12% to Rs 148 on the BSE on back of heavy volumes. The stock of Adani Group Company turned ex-date to spin off its renewable sector business with effect from today.

At 10:23 am; the stock was up 11% at Rs 147 on the BSE, as compared to 1.4% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 12.81 million shares changed hands on the BSE and NSE so far.

In October last year Adani Enterprises had announced to demerge its renewable energy business into associate company Adani Green Energy as part of simplifying overall business structure.

Under the proposed scheme, Adani Green Energy would issue 761 new equity shares for every 1,000 equity shares of Adani Enterprises. Post demerger scheme, Adani Green Energy would be listed on the exchanges.

Adani Enterprises has fixed April 6, 2018 as record date for the purpose of ascertaining the names of the shareholders of the Company who will shall be eligible to receive shares pursuant to scheme of demerger.

Adani Enterprises on Wednesday announced foray into transport infrastructure with a Rs 11.40 billion highway project won by a consortium led by its holding firm in Chhattisgarh from the National Highways Authority of India (NHAI).

The project won by the company pertains to four-laning with paved shoulder of 53.3 km stretch on Bilaspur-Pathrapali section of NH-111 (New NH-130) in Chhattisgarh under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM).