The board of Adani Green Energy Ltd (AGEL) on Thursday approved a proposal to raise up to Rs 12,300 crore through qualified institutional placement (QIP).
This would take the total amount that will be raised by three Adani group firms — Adani Enterprises, Adani Transmission and AGEL — to Rs 33,300 crore via the issue of shares to institutions.
Sources aware of the matter said investors in Europe and West Asia have evinced strong interest.
AGEL shares ended firm on the announcement, rising 1.41 per cent or Rs 13.35 to close at Rs 961.30 on the BSE.
The latest mobilisation comes just days after GQG Partners purchased $1 billion (Rs 8,265 crore) worth of additional stakes in flagship Adani Enterprises Ltd and AGEL.
The fund also ramped up its stake in Adani Transmission.
Sources close to the group said that the funds that will be raised by AGEL will be used for growth and expansion purposes.
Adani Green has emerged as the largest and fastest-growing renewable energy player in India. Its green capacities have grown at 33 per cent CAGR over the past five years, outpacing the industry average of 15 per cent.
The company plans to expand its green energy capacity by about 3 gigawatts thisfiscal year, spending around Rs 14000 crore, its finance chief Phuntsok Wangyalhad said in May.
India’s renewables sector has been one of the most lucrative sectors for international investors, finding its spot among one of the country’s top five industries for overseas funds last year.
The Adani Group’s seven listed entities have lost more than $100 billion in market value since Hindenburg Research’s report accused the group of unlawful use of offshore tax havens and stock manipulation. Adani has denied the allegations.
Adani Enterprises was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report.
The offer was fully subscribed but the company returned the money to subscribers.
With inputs from Reuters & PTI
Funds drive
■ Board approves plan
■ Adani Enterprises and Adani Transmission will raise Rs 21,000cr via QIP
■ Adani Green shares rose 1.41% to Rs 961.30 on the BSE
