Indian billionaire Gautam Adanis’ company Adani Green Energy Ltd. is said to be considering raising around $1.5 billion in order to facilitate the conglomerates’ shift towards renewable energy. The board of directors at Adani Green will deliberate on this proposal as they aspire to attract investors from institutional backgrounds and broaden research coverage. This decision comes in response to previous accusations made by a short seller, which had a detrimental impact on the market value of the Adani Group.

In a surprising turn of events, Gautam Adani, the Indian billionaire, is contemplating a rather perplexing move. His renewable energy arm, Adani Green Energy Ltd., is purportedly mulling over raising a staggering sum of 123 billion rupees ($1.5 billion) to fuel the green diversification of his coal-centric conglomerate. 

Sources familiar with the matter revealed that the company’s board will convene on Thursday to deliberate on this fundraising proposition, subsequently seeking approval from shareholders.

To execute this plan, Adani Green intends to sell shares through qualified institutional placement, commonly known as QIP. By doing so, they hope to attract a fresh cohort of institutional investors and entice additional research analysts to cover their operations. 

Astonishingly, as it stands, only one analyst currently tracks the firm, as per data compiled by Bloomberg. Although discussions are still underway, insiders suggest that specific details pertaining to the fundraising, such as the size of the offering, remain subject to change.

It’s worth noting that Adani’s conglomerate has already disclosed plans to raise funds of up to $2.6 billion for two other companies within the group, namely Adani Enterprises Ltd. and Adani Transmission Ltd. These measures are seen as crucial steps towards recuperating from the crisis triggered by Hindenburg Research, a US-based short-seller. 

In January, the aforementioned entity leveled damning allegations of fraud against the Adani Group, allegations that have been staunchly refuted by the conglomerate. The fallout from this report was disastrous, causing the market value of the conglomerate to plummet by over $150 billion at one point.

All in all, the situation surrounding Gautam Adani’s ventures has taken an intriguing twist, as he seeks to navigate the storm and embrace a greener future amidst the chaos caused by Hindenburg Research’s accusations.