The board of Adani Green Energy Ltd will discuss plans to raise funds from institutional investors on Thursday and then seek approval from shareholders, media reports said.
Indian billionaire Gautam Adani’s renewable energy arm is looking to raise about 123 billion rupees ($1.5 billion) to finance the green diversification of its coal-dependent group.
The board of Adani Green Energy Ltd will discuss plans to raise funds from institutional investors on Thursday and then seek approval from shareholders, reports said.
Accourding reports Adani Green wants to bring more institutional investors by selling shares through qualified institutional placement or QIP. According to data compiled by Bloomberg, only one analyst currently tracks the company.
Reports said discussions are on and details, including the size of fund raising, may still change. A representative of the Adani Group could not immediately comment when contacted over phone.
Attempting a comeback from the crisis triggered by Hindenburg Research, the tycoon’s group has already announced plans to raise funds of up to $2.6 billion for two other companies – Adani Enterprises Ltd and Adani Transmission Ltd. The US-based short-seller had in January levelled fraud charges against the Adani Group, which has denied any wrongdoing. The report $ wiped out more than $150 billion from the group’s market value at one point.
