Adani Green to consider fundraising on July 6 board meeting

Adani Green will consider raising funds during its board meeting on July 6, the company stated in a filing.

In a BSE filing, Adani Green said, “Notice is hereby given that a meeting of the board of directors of Adani Green Energy Limited will be held on Thursday, July 06, 2023 at Ahmedabad, inter alia, to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company.”

Meanwhile, in June, Australia-listed GQG Partners and other investors bought around $1 billion of additional stake in Adani companies, including Adani Green and Adani Enterprises.

As per reports, investors 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.

Rajiv Jain-helmed GQG Partners have been pumping investments in the Adani conglomerate since its stock rout following Hindenburg Research’s scathing report, accusing the group of stock manipulation, accounting fraud and other financial misdeeds. The resultant stock rout wiped out $147 billion from Adani companies.

Meanwhile, shares of Adani Green Energy traded slightly higher on Tuesday. The stock was last seen 0.27 per cent up at Rs 944.45 over its previous close of Rs 941.90. At this price, turnover on the counter came at Rs 79.03 lakh, commanding a market capitalisation (m-cap) of Rs 1,49,532.67 crore.

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Also read: Fitch affirms Adani Green Energy's RG rating at 'BBB-', with stable outlook