Adani Green Plans Fundraising on July 6 Meeting
Adani Green Energy Limited, the renewable energy firm owned by billionaire Gautam Adani, is set to discuss and approve fundraising proposals on July 6.
According to a filing submitted to the Bombay Stock Exchange (BSE), Adani Green announced that its board of directors will convene in Ahmedabad on July 6, 2023. The agenda of the meeting includes considering and approving the raising of funds through various methods such as issuing equity shares or other eligible securities. Permissible modes of fundraising may include private placement, qualified institutions placement, preferential issue, or any other legally permissible methods.
Earlier this year, two board meetings were canceled due to the unavailability of directors.
Yesterday, investment firm GQG Partners increased its stake in both Adani Green and Adani Enterprises. As per the exchange filing, GQG acquired an additional 4.47 crore shares of Adani Green Energy, representing 2.82% of the company’s shares. This increased GQG’s total holding to 10.35 crore shares or 6.54% of the overall shares.
GQG Partners has been steadily increasing its investment in the conglomerate, particularly following allegations of accounting fraud and stock price manipulation by Hindenburg Research.
Adani Green has emerged as India’s largest and fastest-growing player in the renewable energy sector. Over the past five years, its green capacities have seen a remarkable compound annual growth rate (CAGR) of 33%, surpassing the industry average of 15%.
Currently, Adani Green’s renewable energy portfolio stands at 20.4 GW, comprising 8.2 GW of operational capacity and an additional 12.2 GW in projects under construction or near completion. The company has set an ambitious target of achieving a portfolio of 45 GW by 2030.
Adani Green Energy Limited, headquartered in Ahmedabad, Gujarat, is an Indian renewable energy company. It is a subsidiary of the Adani Group, a prominent conglomerate in India. Among its notable projects is the Kamuthi Solar Power Project, which stands as one of the largest solar photovoltaic plants globally.
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