Adani Green, Adani Enterprises shares jump after group issues clarification

On Monday, Adani Group said that the transactions that have been inquired about in an FT report have been publicly disclosed

The share price of Adani Green Energy and the flagship company of the Adani Group, Adani Enterprises jumped on Monday after the group issued a clarification on an earlier report by the Financial Times (FT). The shares of the two companies were outperforming the market as of 2 PM.

According to data from BSE, the shares of Adani Green were 5 per cent in the green. The share price of Adani Enterprises was up over 2 per cent.    

The FT report stated that half of all the foreign direct investment (FDI) into the conglomerate came from offshore entities linked to Gautam Adani's family. It said that the offshore companies linked to the Adanis invested at least $2.6 bn in the group between 2017 and 2022, 45.4 per cent of the $5.7 bn it received in total FDI over the period.

On Monday, Adani Group said that the transactions that have been inquired about in the report have been publicly disclosed.

"In fact, as publicly disclosed on January 18, 2021, and January 23, 2021, the Adani Group's promoters raised $2 bn through the sale of a 20 per cent stake in Adani Green Energy Ltd (AGEL) to TotalEnergies of France (then Total Renewables SAS), a fact the Financial Times contemporaneously reported but chose to ignore completely in the 22 March 2023 story," the company said.

"Further, in Oct 2019, the promoters had raised $700 mn through the sale of a 37.4 per cent stake in Adani Total Gas Ltd, a fact published in an Adani press release. Again, the Financial Times chose to ignore this fact in its report, although it did publish the news at that time," it added.

The conglomerate added that the story incorrectly mixed primary and secondary investments.