Adani Green Energy block deal: 1.7% equity stake sold for Rs 2,718 crore; TotalEnergies likely seller

A large block deal in Adani Green Energy Ltd (AGEL) took place on Wednesday, involving about 1.7 percent of the company’s equity, valued at Rs 2,718 crore. As many as 2.8 crore shares changed hands in the block window at Rs 970 per share, a 2.9 percent discount to the stock's yesterday's closing price.
While the parties to the transaction are yet to be formally disclosed, the trade aligns closely with yesterday's news reports that French energy major TotalEnergies was preparing to offload around 1.5 percent stake in Adani Green Energy via block deals. The floor price for the planned sale was also pegged at Rs 970 per share, and Jefferies was said to be the broker to the deal.
Adani Green Energy shares rose 1.5 percent to Rs 1,014 in the morning trade, extending the previous session's gain. The stock closed at Rs 1,010.5 on Tuesday, up 1.7 percent for the day. The stock is now down 3.2 percent so far this year. It trades at a P/E of 84.9, with a market capitalisation of Rs 1.7 lakh crore.
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TotalEnergies, through its investment vehicles TotalEnergies Renewables Indian Ocean Ltd and TotalEnergies Solar Wind Indian Ocean Ltd, held a combined 18.99 percent stake in AGEL as of September 30. Market news on Tuesday suggested the French company intended to sell 2.47 crore shares worth about Rs 2,400 crore.
The development comes against the backdrop of broader reports from late November that TotalEnergies was considering selling up to 6 percent stake in the Adani Group renewable arm to book gains on its 2021 investment. The French major had invested $2.5 billion in AGEL and its solar portfolio that year, with the value of that investment rising significantly.
The AGEL-TotalEnergies partnership has deep roots. It began in 2020 with AGEL23, a 50:50 joint venture to operate 2.3 GW of solar assets, followed by the acquisition of a 20 percent equity stake by TotalEnergies in January 2021. The partnership has since expanded through additional joint ventures in 2023 and 2024, taking total platform capacity to 4.5 GW.