Adani Group plans to invest Rs 9,350 crore equity in Adani Green Energy to pare debt

27 Dec 2023 , 01:16 PM

On December 26, Adani Green Energy (AGEL) announced that its board of directors has authorized a preferential sale of warrants to the promoters for a total of Rs 9,350 crore at a per-share price of Rs 1,480.75. According to the company, the cash may be used for deleveraging and expedited capital spending.

It went on to say that AGEL is now fully equipped to meet its stated target of 45 GW by 2030, with 20.6 GW locked in capacity, over 2,00,000 acres of secured land (equivalent to over 40 GW of additional capacity) in resource-rich areas of India, and an additional equity infusion of Rs 9,350 crore, which fully funds this stated target.

This investment by the Adani family demonstrates not only the company’s commitment to realizing its nation’s clean energy goal but also to an equitable energy transition in which it phases out traditional power sources while simultaneously phasing in green, affordable alternatives to fuel our accelerating growth and development plans.

With the financial injection, AGEL is well-positioned to continue on its fast growth trajectory.

The offering is subject to approval by regulatory and legislative authorities, as well as the company’s shareholders at the Extraordinary General Meeting (EGM) on January 18, 2024.

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