Adani Green Energy Ltd (AGEL) said on Tuesday that its board would meet on July 6 to discuss a proposal to raise an unspecified amount from institutional investors.
“A meeting of the board of directors of AGEL will be held on Thursday, July 6, 2023, at Ahmedabad, inter alia, to consider and approve the proposal of the raising of funds by way of issuing equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws,’’ the company informed bourses.
Though it kept the purpose of the funding exercise under wraps, it is learnt the company could use the sum to revive certain stalled projects following the Hindenburg report.
AGEL shares gained on the announcement and it ended at Rs 946.50, a rise of 0.49 per cent over its last close. The company had a market cap of Rs 1.49 lakh crore on the BSE.
In May, AGEL had said it would tap investors but its board failed to meet twice because of the non-availability of directors. The boards of two other group firms — Adani Enterprises and Adani Transmission — have already given their approval to mobilise a total amount of Rs 21,000 crore through a qualified institutional placement.
At a post-results conference call with analysts last month, the management said they would invest Rs 14,000 crore to Rs 15,000 crore this fiscal in both solar and wind energy projects.
In 2022-23 AGEL had 2,676mw renewable capacity, which included 2,140mw solar-wind hybrid plants in Rajasthan, 325mw wind power plant in Madhya Pradesh and 212mw solar power plants in Rajasthan. It signed power purchase agreements for 450mw wind projects and 650mw solar projects with the Solar Energy Corporation of India in the year.
For the current fiscal, the management expects an addition of 3gw of greenfield renewable energy capacity. “Of this, around 400mw will be wind and the remaining will be solar,” Vineet Jain, MD & CEO, AGEL had said in the concall.
