Shares of Adani Group companies traded higher by up to 8 per cent on the BSE in Monday’s intra-day trade, extending their previous week’s rally, after UAE’s International Holding Company (IHC) agreed to invest 7.3 billion dirhams ($2 billion) in three group companies through preferential issue. In comparison, the S&P BSE Sensex was down 0.60 per cent at 59,092 points.

• What is Stock Order : Types, Differences & How Order Works
• India’s Business Activity Hits 3-Month High in Nov Amid Rising Costs
• Trudeau to Cut Sales Tax and Send Checks to Canadians Ahead of Election
• Ashwini Vaishnaw Encourages German Companies to Invest in India
• Flipkart Appoints Dan Bartlett to Board

IHC will invest Rs 3,850 crore in Adani Green Energy (AGEL), Rs 3,850 crore in Adani Transmission (ATL), and Rs 7,700 crore in Adani Enterprises (AEL) in compliance with SEBI regulations.

“The transaction is expected to be completed in a month after all necessary approvals are obtained. The capital will be utilised for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes,” the companies said in a separate regulatory filing.

Among individual stocks, AGEL hit a new high of Rs 2,520, up 8 per cent today and 16 per cent in the past two trading days. The company’s board approved the allotment of up to 20.02 million equity shares for Rs 1,923.25 per share, aggregating up to Rs 3,850 crore, to IHC Capital Holding LLC incorporated under the Laws of Abu Dhabi, UAE or a subsidiary or an affiliated particular purpose vehicle of IHC Capital Holding LLC for cash consideration by way of a preferential issue on a private placement basis.