MUMBAI: Business tycoon Gautam Adani’s Adani Green Energy will sell shares worth Rs 12,300 crore to institutional investors, days after he sold a 2.9% stake in the company to GQG Partners for Rs 4,232 crore.
The renewables company, in which France’s TotalEnergies holds about 20%, will utilise the funds for growth purposes. In May, its CFO Phuntsok Wangyal said the company plans to ramp up its green energy capacity by about 3 gigawatts this fiscal, which will cost around Rs 14,000 crore.
The board of Adani Green on Thursday approved a fund-raise programme through the qualified institutional placement (QIP) route and will now seek nod from shareholders.
