The board of Adani Green Energy Ltd. approved a fundraise of Rs 12,300 crore on Thursday.
The company will raise funds via a qualified institutional placement or other permissible mode in accordance with the applicable laws, according to an exchange filing.
The fundraise is subject necessary shareholder and regulatory approvals.
In May, the company cancelled its scheduled board meeting to consider a fundraise due to non-availability of directors.
Last week, GQG Partners raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (Rs 9,600 crore). The shares were bought from promoter group entities.
Adani Enterprises Ltd. and Adani Transmission Ltd. had approved fundraising of Rs 12,500 crore and Rs 8,500 crore, respectively, via qualified institutional placement.
Adani Green's net profit for the quarter ended March jumped to Rs 507 crore, compared to Rs 121 crore over the same period in the previous fiscal, according to its exchange filing. Revenue surged 78% to Rs 2,598 crore in the same quarter.
The sale of energy has increased by 58% year-on-year to 14,880 million units in fiscal 2023, on the back of strong capacity addition and analytics-driven operations and maintenance, enabling high plant availability, and the deployment of the latest renewable technologies, it said.
Shares of Adani Green jumped to trade nearly 1.1% higher at 3:14 p.m. after the fundraise plan was announced. That compared with a nearly 0.5% rise in the benchmark NSE Nifty 50.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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