TotalEnergies Renewables Indian Ocean sold 28.6 million Adani Green Energy shares at ₹970 apiece through a bulk deal, unlocking ₹2,778 crore. The transaction trims the French major's ~19% stake amid profit-taking on its 2021 $2.5B investment, now valued far higher, as AGEL eyes 45GW renewable capacity by 2030.
French Major Trims Adani Green Exposure In High-Profile Exit
TotalEnergies Renewables Indian Ocean executed a blockbuster bulk deal, divesting 28.6 million shares (1.7% equity) of Adani Green Energy at ₹970/share—a 2.9% discount to the prior close—generating ₹2,778 crore in proceeds. The sale aligns with prior reports of the French energy giant planning to offload up to 6% stake to book multibagger gains from its 2021 entry.
Post-deal, AGEL shares climbed 1.5% to ₹1,014, reflecting resilient investor appetite despite YTD softness. TotalEnergies, via subsidiaries, retains a substantial ~17% holding after this tranche, built through JVs spanning 4.5GW solar/wind assets. The move underscores maturing partnerships in India's renewable surge, with AGEL targeting 45GW by decade-end.
Key highlights
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28.6M shares (1.7% stake) sold at ₹970/share, valuing deal at ₹2,778 Cr.
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Seller: TotalEnergies Renewables Indian Ocean; buyer undisclosed.
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Trims Total's combined ~19% stake (pre-deal via two entities).
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Follows 2021 $2.5B investment; current valuation ~$8B amid AGEL's growth.
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AGEL shares up 1.5% post-deal; P/E 84.9, mcap ₹1.7L Cr.
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Roots in 2020-24 JVs for 4.5GW platform capacity.
Sources: Moneycontrol, Economic Times, Business Today, Fortune India, Bloomberg.