Adani Green Energy shares close higher after board approves raising Rs 12,300 crore via QIP

Shares of Adani Green Energy Ltd closed higher on Thursday after the board of directors of the company approved a proposal for raising Rs 12,300 crore through qualified institutional placement (QIP) or other permissible mode.

In a filing to the stock exchanges the green energy arm of the Adani Group said that the board of directors at the meeting held on July 6, 2023, approved raising  of funds by way of issuance of such number of equity shares having face value of Rs 10 each of the company  and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 12,300 crore.

The total amount will be raised by way of QIP or other permissible mode in accordance with the applicable laws, subject to the receipt of the necessary approvals and other regulatory or statutory clearances, the company said.

The renewable energy major will seek approval of the shareholders for the issuance of equity shares and ancillary actions by way of postal ballot process.

According to reports, Adani Green Energy expects to bring in more institutional investors onboard and attract additional research analysts for covering the company.  

Fund raising for other Adani Group companies

The conglomerate led by Indian tycoon Gautam Adani has already announced plans to raise funds up to Rs 21,000 crore for two of its firms. While the group flagship Adani Enterprises aims to raise Rs 12,500 crore Adani Transmission will raise Rs 8,500 crore.  

Adani Transmission has already secured shareholders’ nod to raise the said amount through issuance of equity shares on QIP basis.  

Shares of Adani Green Energy closed 1.41 percent higher at Rs 961.30 apiece on BSE on Thursday.