Adani Energy Solutions witnessed a notable jump of over 5% on January 29 following the incorporation of its wholly-owned subsidiary, Adani Energy Solutions Step-Twelve Limited (AESSTL).
The newly formed subsidiary is established for the purpose of transmission, distribution, and supply of power, along with other associated infrastructure services, as stated by Adani Energy Solutions.
In a regulatory filing on January 27, Adani Energy Solutions reported the incorporation of AESSTL, which possesses an authorized and paid-up share capital of Rs 1 lakh each. The subsidiary, yet to commence business operations, currently has a turnover of nil. AESSTL was officially incorporated in India and registered with the Registrar of Companies in Ahmedabad on January 25, 2024. Adani Energy Solutions acquired equity shares at a face value of Rs 10 each.
As of 12:22 pm, the shares of Adani Energy Solutions were trading 3.07% higher at ₹1,094.45, reflecting positive market sentiment following the strategic move.