The board of Adani Green Energy Ltd. will consider approving fundraising on July 6.
The Gautam Adani-owned renewable power company will "consider and approve the proposal of raising funds by way of issuance of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institution placement, a preferential issue, or any other method or combination of methods as may be permitted under applicable laws..," it said in an exchange filing.
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.
Shares of Adani Green closed 0.32% lower on Monday, as compared with a 0.7% gain in the benchmark NSE Nifty 50.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
