Adani Green Energy to raise Rs 12,300 crore to repay debt, boost capex
The board of Adani Green Energy (AGEL) on Thursday cleared plans to raise up to Rs 12,300 crore by way of qualified institutional placements (QIPs) of shares or any other share-sale instrument. The company will use the proceeds to repay debt and expand capacity.
Two group companies — Adani Enterprises (AEL) and Adani Transmission — had earlier announced they would raise Rs 21,000 crore via the QIP/share sale route. All QIPs will be launched later this year.
Adani promoter entities, too, are raising funds to prepay debt. American financial powerhouse GQG Partners (GQG), along with other investors, acquired on June 28 via block deals additional shares worth Rs 8,200 crore from the Adani family in the group’s flagship Adani Enterprises and AGEL.
