French energy major TotalEnergies has sold a 1.74 per cent stake in Adani Green Energy through an open market transaction, raising around Rs 27.78 billion.

The sale was carried out through TotalEnergies Renewables Indian Ocean Ltd, an affiliate of the French multinational, which offloaded about 28.64 million equity shares, according to block deal data on the National Stock Exchange. The shares were sold at an average price of Rs 970 each, taking the transaction value to around Rs 27.78 billion.

Following the transaction, TotalEnergies’ stake in Adani Green Energy has reduced to 17.25 per cent from 18.99 per cent. Prior to the sale, the company held its investment through two affiliates—TotalEnergies Solar Wind Indian Ocean Ltd and TotalEnergies Renewables Indian Ocean Ltd.

Several institutional investors were on the buying side of the transaction, including Cohesion Asset Management, Edelweiss Mutual Fund, Quant Mutual Fund, Four Dimensions Securities (India) Ltd, Authum Investment and Infrastructure, Vanguard, Amity Holdings Pvt Ltd and BNP Paribas Financial Markets.

Shares of Adani Green Energy closed 1.14 per cent lower at Rs 987.50 apiece on the NSE following the deal.