Adani Family looks to infuse $1 billion in green energy arm

22 Dec 2023 , 02:43 PM

Gautam Adani and family plans to invest $1 billion into the renewable energy unit of the conglomerate, stated the sources familiar with the matter, as the group paves way to achieve its ambitious green goals while addressing maturing bonds next year.

Adani Green is planning to issue preferential shares to the founders of the company to meet their expansion and refinancing needs, stated the sources. 

Following this development, the company’s counter rose as much as 6.7% to an intraday high of Rs 1,543 per piece.

The company’s board of directors will evaluate fundraising suggestions on December 26, including alternatives such as selling shares or convertible instruments, according to a filing Wednesday that provided no further specifics.

The business, which aims to have 45 gigatonnes of green energy capacity by 2030, also has $1.2 billion in bond maturities coming up next year, and it has already begun developing measures for repaying or refinancing them. Earlier this month, it also received a loan from eight banks.

At around 2.04 PM, Adani Energy was trading 0.52% lower at Rs 1,511.60 per piece, against the previous close of Rs 1,519.55 on NSE.

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