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Adani Green Considers Fundraising as GQG Partners Boosts Shareholding

4 Jul 2023 , 01:13 PM

Adani Green Energy Limited, billionaire Gautam Adani’s renewable energy company, will discuss fundraising plans during a board meeting scheduled for July 6.

The company aims to raise funds through the issuance of equity shares or other eligible securities using various permissible methods, such as private placement, qualified institutions placement, preferential issue, or other approved approaches.

Previous board meetings in May were canceled due to the non-availability of directors. Investment firm GQG Partners recently increased its shareholding in Adani Green and Adani Enterprises, acquiring an additional 2.82% stake in Adani Green Energy, totaling 6.54% of the company’s shares.

GQG Partners has been progressively investing in the Adani Group following allegations of accounting fraud and stock price manipulation made by Hindenburg Research. Adani Green has established itself as the largest and fastest-growing renewable energy player in India, with a compound annual growth rate (CAGR) of 33% in its green capacities over the past five years, surpassing the industry average of 15%.

The company’s current renewable energy portfolio stands at 20.4 GW, with 8.2 GW operational and an additional 12.2 GW under construction or near completion. Adani Green has set a target to achieve a 45 GW portfolio by 2030, demonstrating its commitment to substantial renewable energy expansion.

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Adani Green Considers Fundraising as GQG Partners Boosts Shareholding

Related Tags

  • Adani Green
  • Adani groups
  • business
  • Fundraising
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