Adani Green Energy Limited’s shares jumped 5.31 per cent after the company reported the incorporation of two step-down subsidiaries. Adani Saur Urja (KA) Limited, a wholly-owned subsidiary, has established Adani Renewable Energy Fifty One Limited, and Adani Renewable Energy Holding Nine Limited, another wholly-owned subsidiary, has formed Adani Renewable Energy Fifty Five Limited.
These new subsidiaries are to engage in the generation of power using renewable sources, specifically wind and solar energy. As of now, they are in the initial stages and are yet to commence their business operations.
The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sell, and supply power or electrical energy using renewable sources.
The shares rose 5.31 per cent to ₹1,502.95 at 11.47 am on the BSE.