Adani Green Energy to Seek $1 Billion in Funding
POWER & RENEWABLE ENERGY

Adani Green Energy to Seek $1 Billion in Funding

According to the report, the exercise to raise this sum through QIP is part of a group's plan that was stated last year. Adani Green Energy is apparently seeking board approval to finance up to $1 billion through qualified institutional placement (QIP).

According to the Economic Times, Adani Green Energy intends to raise between $750 million and $1 billion. Prior to this, two Adani Group entities had received board clearance for fundraising. Adani Enterprises (Rs 125 billion) and Adani Transmission (Rs 85 billion) are two of them.

As per the report, the exercise to raise this sum through QIP is part of a group's plan that was revealed last year. The plan's goal was to create a 'three-year equity cushion' to fund expansion plans.

Adani Green Energy's cash would reportedly be used to cover a $750 million debt relating to a three-year bond issued in 2021 and due next year. Furthermore, the funds are supposed to be held in a separate redemption reserve account.

Once that is done, the report adds that the company is likely to pay the due amount on the due date. “We do not comment on routine business matters. All public disclosures on business matters are disclosed when appropriate,” the publication quoted an Adani Group spokesperson as saying.

It should be noted, however, that the Adani Green Energy board meeting scheduled for today, May 24, has also been cancelled.

See also:
Adani group aims to raise Rs 210 bn through stake sale in two companies
Gautam Adani concentrates on green energy as profits surge


According to the report, the exercise to raise this sum through QIP is part of a group's plan that was stated last year. Adani Green Energy is apparently seeking board approval to finance up to $1 billion through qualified institutional placement (QIP). According to the Economic Times, Adani Green Energy intends to raise between $750 million and $1 billion. Prior to this, two Adani Group entities had received board clearance for fundraising. Adani Enterprises (Rs 125 billion) and Adani Transmission (Rs 85 billion) are two of them. As per the report, the exercise to raise this sum through QIP is part of a group's plan that was revealed last year. The plan's goal was to create a 'three-year equity cushion' to fund expansion plans. Adani Green Energy's cash would reportedly be used to cover a $750 million debt relating to a three-year bond issued in 2021 and due next year. Furthermore, the funds are supposed to be held in a separate redemption reserve account. Once that is done, the report adds that the company is likely to pay the due amount on the due date. “We do not comment on routine business matters. All public disclosures on business matters are disclosed when appropriate,” the publication quoted an Adani Group spokesperson as saying. It should be noted, however, that the Adani Green Energy board meeting scheduled for today, May 24, has also been cancelled. See also: Adani group aims to raise Rs 210 bn through stake sale in two companies Gautam Adani concentrates on green energy as profits surge

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?