Adani Green cancels board meet on fundraise

Adani Green Energy (AGEL), the renewable energy arm of Adani Group, has cancelled its board meeting convened to seek approvals to raise funds through qualified institutional placement or other modes.

The meeting was cancelled due to non-availability of directors, and a fresh notice will be issued to inform of the next date for it, AGEL said in a stock exchange update late on Tuesday.

While the company has not disclosed the amount it intends to raise, sources close to the development had told FE that AGEL was looking to raise about $500-700 million (Rs 4,100-5,740 crore). A part of the funds would be used for the company’s capex plans, apart from paring debt.