Adani Group infusing Rs 9,350 crore into Adani Green Energy

MUMBAI: Adani Green Energy announced on Tuesday that the promoters of the company will infuse Rs 9,350 crore into it through preferential issuance of warrants at a price of Rs 1,480.75 per share.

The funds will be used to deleverage the balance sheet and fund capital expenditure, the company said in a press statement.

The warrants issued to promoters are subjected to the approval of the shareholders and the company has scheduled an extraordinary general meeting (EGM) on January 18 to take up the issue.

Adani Group Chairman Gautam Adani said: "India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution.

"This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans. With the funds infusion, AGEL remains favorably positioned to achieve its accelerated growth trajectory."

The company said AGEL is now fully equipped to achieve its stated target of 45 GW by 2030, with 20.6 GW locked in capacity, secured land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource-rich areas of India, and additional equity infusion of Rs 9,350 crore which fully funds this stated target.

Shares of Adani Green Energy jumped over 5 percent to Rs 1,617 on the BSE.