Adani Green plans to raise $1.5 billion via QIP

The funds will be used to expand green energy operations. QIPs allows listed companies to raise capital without depending on foreign capital resources.

“The fundraising proposal is subject to necessary approvals, including those from the company’s shareholders and other regulatory bodies,” Adani Green said in the filing, adding that the company will seek approval from shareholders through a postal ballot.

AGEL is the biggest player in the country’s renewable energy segment. In March, it said its operating renewable portfolio reached 8,024 MW after opening its fourth wind-solar hybrid power plant in Jaisalmer, Rajasthan. AGEL has set a target of 45 GW renewable energy capacity by 2030.

Easing Debt, Investor Concerns
Last week, boutique investment firm GQG Partners raised its stake in AGEL from 3.50% to 6.32% for $1.17 billion (₹9,600 crore). The shares were acquired from promoter group entities. French energy major Total Energies holds a 19.7% stake in AGEL.

Group flagship Adani Enterprises in May said it will raise ₹12,500 crore in a QIP. Adani Transmission said it will raise ₹8,500 crore through the same avenue.

The fundraising will ease Adani’s concerns over servicing debt, in addition to instilling confidence among investors.

Adani Group has been attempting to shore up investor confidence after shortseller Hindenburg Research’s report this January led to a stock rout. The shares have recovered some of the lost ground since then.

“The report was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging Adani Group’s reputation and generating profits through a deliberate drive-down of group stock prices,” said chairman Gautam Adani said in his address to shareholders in the Adani Enterprises FY23 annual report. He said the group is confident of its governance and disclosure standards.

Adani Green Energy scrip ended at ₹961.30, up 1.41% on the BSE on Thursday. The benchmark Sensex ended 0.52% higher. Since April 6, the stock has risen 12.42% from ₹855.05, according to BSE data.