Adani Green Energy To Consider Fundraising On July 6 Board Meeting

Gautam Adani’s renewable energy company, Adani Green will consider approving fundraising on July 6. In the BSE filing the Billionaire company, Adani Green informed, “A meeting of the board of directors of Adani Green Energy Limited (the “Company") will be held on Thursday, July 06, 2023, at Ahmedabad, inter alia, to consider and approve the proposal of the raising of funds by way of issuing 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 combination of methods as may be permitted under applicable laws”.

In the month of May this year, two board meetings were canceled due to non-availability of directors. Yesterday, investment firm GQG Partners increased its shareholding in Adani Green and Adani Enterprises. In Adani Green, GQG bought 4.47 crore or 2.82 per cent additional shares to take its holding to 10:35 crore shares or 6.54 per cent of the total, the exchange filing showed. In Adani Enterprises, 1.6 per cent stake comprising 18 million shares through block deals. 

GQG Partners has been ramping up its investment in the conglomerate ever since Hindenburg Research’s report, alleged accounting fraud and stock price manipulation at the group. 

Adani Green has emerged as the largest and fastest-growing renewable energy player in India. Its green capacities have grown at 33 per cent CAGR over the past five years, outpacing the industry average of 15 per cent. 

The shares of Adani Green Energy traded slightly higher on Tuesday. The stock was last seen 0.27 per cent up at Rs 944.45 over its previous close of Rs 941.90. At this price, turnover on the counter came at Rs 79.03 lakh, commanding a market capitalisation (m-cap) of Rs 1,49,532.67 crore.