Adani Green Energy entered the list of the top-10 most valued companies in terms of market capitalization (m-cap) in the country on Monday after its stock price zoomed 16.3 percent to hit a new high of Rs 2,701.6 on the BSE.

Adani Green Energy’s m-cap now stands at Rs 4.22 trillion, surpassing Bharti Airtel, which has an m-cap of Rs 4.16 trillion.

With today’s rally, the stock has zoomed about 25 percent in the last two trading days after UAE’s International Holding Company (IHC) agreed to invest Rs 3,850 crore in Adani Green Energy through a preferential issue.

On Friday, the company’s board approved the allotment of up to 20.02 million equity shares at Rs 1,923.25 per share, aggregating up to Rs 3,850 crore, to IHC Capital Holding incorporated under the Laws of Abu Dhabi, UAE, or a subsidiary, or an affiliated special purpose vehicle of IHC Capital Holding for cash consideration by way of a preferential issue on a private placement basis.

Adani Green Energy has one of the world’s largest renewables portfolios, with locked-in growth of 20.4 gigawatts (GW) across operational, under-construction, awarded, and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects. The company’s key customers are Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC), and various state discoms.

Adani Green has set a target of achieving 45 GW renewable energy capacity by 2030, 10 percent of the government’s 450 GW country-wide renewable energy target.

Last month, Adani Green extended its construction financing framework to $1.64 billion by raising a $288 million in facilities for its under-construction, renewable asset portfolio through definitive agreements signed with a group of leading international lenders.

The facility will initially finance the 450-megawatt hybrid portfolio of solar and wind renewable projects being set up in Rajasthan, India. In March 2021, the company had closed one of Asia’s largest project financing deals of $1.35 billion construction revolver facility.