Billionaire Gautam Adani and his family intend to invest Rs 9,350 crore in the group's green energy arm, Adani Green Energy Ltd (AGEL), in order to deleverage the company and assist it in meeting its 45 gigatonne target by 2030.
The issuance is subject to approval by regulatory and statutory authorities, as well as the company's shareholders at the Extraordinary General Meeting on January 18, 2024.
“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," said Gautam Adani, Chairman of the Adani Group.
In a regulatory filing, AGEL stated that it would issue 6.3 crore warrants of the company, each convertible into or exchangeable for 6.3 crore fully paid-up equity shares of the company with a face value of Rs 10 to Ardour Investment Holding Ltd and Adani Properties Private Limited, both members of the Company's promoter group, via preferential issue on a private placement basis.
The company stated that it is now fully equipped to meet its stated target of 45 GW by 2030, with 20.6 GW of capacity locked in, over 2,00,000 acres of secured land (equivalent to over 40 GW of additional capacity) in resource-rich areas of India, and the additional equity infusion.
