The board of renewable energy firm Adani Green Energy Limited (AGEL) approved a preferential issuance of warrants to the promoters to raise Rs 9,350 crore, the company said in a press statement on Tuesday.
Each warrant is priced at Rs 1,480.75 with a total issuance of 6.31 crore warrants to promoter group companies Ardour Investment Holding Ltd and Adani Properties Pvt Ltd, giving them a 3.833% equity stake in AGEL.
The green energy player will utilise the fresh capital from the promoters (members of the Adani family) to deleverage its balance sheet and accelerate capital expenditure to achieve its goal of scaling renewable energy capacity to 45 gigawatts (GW) by 2030.
