Adani Green Energy to raise Rs 9,350 cr

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Adani Green Energy to raise Rs 9,350 cr

| Updated: December 27, 2023 20:59

It’s yet another affirmation that the Adani Group is moving on from the Hindenburg group’s report, accusing it of fraud and insider trading.

According to a recent report, Adani Green Energy is considering raising Rs 9,350 crore through equity warrants on preferential basis to its promoter group. The company confirmed this in an exchange filing.

The warrants will be issued at Rs 1480.75 per share.

The funds raised will be used for capital expenditure, The Business Line reported.

Approximately 25% of the funds will be used to repay bonds of $750 million of the holding company, due in September 2024.

The move should increase promoter stake in Adani Green to 58.046% from 56.373%.

“India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution,” Gautam Adani, Chairman of the Adani Group, was quoted as saying.

“With the funds infusion, AGEL remains favourably positioned to achieve its accelerated growth trajectory,” the company said in a statement.

The company claimed it was on the verge of achieving a target of 45 GW of green power by 2030, with 20.6 GW capacity already in place.

Additionally, the group now has land of over 2 lakh acres equivalent to over 40 GW of additional capacity.

The current equity infusion, it claims, will fully fund this target.

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