‘Adani Green mulls raising $1.5 billion to fund expansion’
MUMBAI: Indian billionaire Gautam Adani’s renewable energy unit is considering raising about 123 billion rupees ($1.5 billion) to fund his coal-dependent conglomerate’s green diversification, people familiar with the matter said, following the fallout from a damaging short-seller broadside.
Adani Green Energy Ltd’s board will discuss plans to raise funds from institutional investors on Thursday and will then seek approval from shareholders, the people said, asking not to be identified as the talks are private.
By selling shares through qualified institutional placement, or QIP, Adani Green is looking to bring on board more institutional investors and attract more research analysts to cover the firm, said one of the people.
