Adani Green Energy made a significant announcement on Tuesday, revealing plans for a capital infusion of Rs 9,350 crore by its promoters through preferential issuance of warrants at a price of Rs 1,480.75 per share.
The company emphasized that these funds are earmarked for streamlining the balance sheet by reducing debt and channeling resources towards capital expenditure, as detailed in their official press statement.
The issuance of warrants to promoters is contingent upon shareholder approval, prompting the scheduling of an extraordinary general meeting (EGM) on January 18, specifically addressing this matter.
Chairman of the Adani Group, Gautam Adani, highlighted the pivotal role India plays in the global transition toward renewable energy. He reiterated Adani Green Energy's proactive stance in leading this paradigm shift, expressing the family's commitment to realizing India's clean energy aspirations. The investment underscores their dedication to a balanced energy transition, reducing reliance on conventional sources while scaling up accessible green alternatives to power the nation's burgeoning growth and developmental plans.
AGEL's comprehensive strategy positions it favorably to reach its ambitious target of 45 GW by 2030. Currently boasting 20.6 GW in locked-in capacity, along with secured land exceeding 2,00,000 acres (equivalent to over 40 GW additional capacity) in resource-rich Indian regions, the additional equity infusion of Rs 9,350 crore ensures full funding for this set objective.
This promising development resonated positively within the market, as reflected in Adani Green Energy's stock soaring over 5 percent to Rs 1,617 on the BSE, signifying investor confidence and endorsement of the company's strategic initiatives and growth trajectory.
(With Agency Inputs)
ALSO READ | Adani Group's Resilience Shines Amidst Persistent Challenges
