Adani Green shares rise 3% after board approves Rs 12,300 crore fundraising plans

Shares of Adani Green Energy gained more than 3 per cent during the trading session Thursday after the company board of directors approved fund raising. The renewable energy arm of the Adani Group is looking to raise Rs 12,300 crore, the company informed the bourses through an exchange filing. The company board approved raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each of the company (equity shares) and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 12,300 crores by way of qualified institutional placement (QIP) or other permissible mode, the filing said. The above mentioned proposal is subject to approvals from the shareholders of the company and other regulatory permissions, which may be required to proceed further, the filing added. Following the update, shares of Adani Green Energy gained about 3 per cent to 973.25 on Thursday but the stock finally settled at Rs 956.30, a per cent higher on BSE. The company was commanding a total market capitalization of more than Rs 1.51 lakh crore. Prior to this, on Monday, the Gautam Adani led company informed the bourses that its board was set to meet on July 6, to consider and approve the proposal of fundraising through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue. In the previous month, Australia-listed GQG Partners and other investors bought around $1 billion of additional stake in Adani companies, including Adani Green and Adani Enterprises in June. According to the media reports, the GQG Partners bought 2.2 per cent stake comprising 35.2 million shares in Adani Green Energy, as well as 1.6 per cent stake comprising 18 million shares in Adani Enterprises through block deals. Shares of Adani Green Energy have delivered multibagger returns to investors from its 52-week lows at Rs 439.35 on February 28, 2023 as the stock has surged 117 per cent since then. Despite this recovery, the stock is down 63 per cent from its 52-week at Rs 2,574.05.