Adani Green Shares Drop Over 1% as TotalEnergies Plans to Offload Up to 6% Stake

Shares of

n Energy Ltd declined more than 1% in Monday’s trade, touching ₹1,018.6 apiece, after a media report stated that French energy giant TotalEnergies SE is exploring the sale of up to 6% stake in the Indian renewable energy major. At Adani Green’s current market capitalisation of approximately ₹1.69 lakh crore, a 6% stake would be worth around ₹10,200 crore (approximately $1.14 billion), offering TotalEnergies a substantial profit on its original investment. According to a report in The Economic Times citing sources familiar with the development, TotalEnergies is looking to monetise part of its holding after its $2.5 billion investment made in 2021 has grown to nearly $8 billion in value. The report added that the French company may first offer the stake to the Adani Group for evaluation, in line with existing shareholder agreements. TotalEnergies currently owns close to 19% in Adani Green through two subsidiaries: 15.58% via TotalEnergies Renewables Indian Ocean Ltd 3.41% via TotalEnergies Solar Wind Indian Ocean Ltd