The fundraising plan encouraged investors, causing Adani Green Energy shares to continue their day’s gains. The stock increased by 4% and reached Rs. 1,600. The corporation stated that the money would be used for both accelerated capital spending and deleveraging.
Adani Green Energy announced on Tuesday that its promoters will invest Rs 9,350 crore in the firm through preferential warrant issuance. Each warrant will be worth Rs. 1,480.75.
The issuance is contingent upon approval from the company’s shareholders at the Extraordinary General Meeting (EGM) on January 18, 2024, as well as regulatory and legislative authorities.
According to the corporation, the money would be used largely to deleverage the balance sheet and fund capital expenditures.
The fundraising plan encouraged investors, causing Adani Green Energy shares to continue their day’s gains. The stock increased by 4% and reached Rs. 1,600.
The warrants issued to promoters are subject to shareholder approval, and Adani Green will call an extraordinary general meeting (EGM) on January 18 to do so.
As stated by Gautam Adani, the chairman of the Adani Group, “The funding provided by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans,” the Economic Times reports.
Adani stated that Adani Green is well-positioned to fulfill its fast growth trajectory with the inflow of money.
In the past, Adani Green revealed plans to build the largest solar park in India, located in Khavda, Gujarat, with a $1.36 billion facility to generate 2,167 MW of solar electricity.
Furthermore, the business disclosed $1.43 billion in equity capital ($1.13 billion via promoter preferential issue and $300 million from TotalEnergies JV), resulting in a $3 billion capital raise.
Adani Green claims to have secured land covering more than 200,000 acres in resource rich regions of India, locked in capacity for 20.6 GW, and an extra equity infusion of Rs 9,350 crore, which fully funds this claimed ambition, all of which enable it to meet its stated target of 45 GW by 2030.
