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Adani Green to consider fundraising on July 6 board meeting

Adani Green

Adani Green may propose soliciting financing at its board meeting on July 6, according to a filing.

“Notice is hereby given that a meeting of the board of directors of Adani Green Energy Limited will be held on Thursday, July 06, 2023 at Ahmedabad, inter alia, to consider and approve the proposal of raising funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or mode,” Adani Green said in a BSE filing.

Meanwhile, in June, Australia-listed GQG Partners and other investors purchased an additional $1 billion interest in Adani entities such as Adani Green and Adani Enterprises.

Adani Green

According to sources, investors purchased a 2.2 percent stake in Adani Green Energy, consisting of 35.2 million shares, as well as a 1.6 percent stake in Adani Enterprises, consisting of 18 million shares, in block agreements.

GQG Partners, led by Rajiv Jain, has been pumping money into the Adani conglomerate since its price plummeted following Hindenburg Research’s damning investigation accusing the firm of stock manipulation, accounting fraud, and other financial wrongdoing. The ensuing stock market crash cost Adani firms $147 billion.

Meanwhile, Adani Green Energy shares rose modestly on Tuesday. The stock was recently quoted 0.27 percent higher at Rs 944.45, up from its previous closing of Rs 941.90. At this price, turnover on the counter was Rs 79.03 lakh, with a market capitalisation (m-cap) of Rs 1,49,532.67 crore.