By India Today Business Desk: Renewable energy company Adani Green Energy on Thursday said its board approved raising Rs 12,500 crore through a qualified institutional placement. Shares of the company rose over 1 per cent following the announcement.
The company will use the funds to diversify its green energy supply in the country, reported Bloomberg, citing sources familiar with the development.
Adani Green’s CFO Phuntsok Wangyal said in May that the company plans to expand green energy capacity by about 3 gigawatts this financial year, which will cost around Rs 14,000 crore.
India’s renewable sector has emerged as one of the most attractive industries for international investors, ranking among the top five sectors for overseas funds in the country last year.
The Adani Group, despite facing challenges following a critical report by a US short-seller, Hindenburg Research, in January, remains determined to raise significant funds.
In May, two other Adani companies, Adani Transmission and Adani Enterprise, revealed plans to secure up to $2.57 billion.
Since the release of Hindenburg Research’s report, the conglomerate’s seven listed entities have collectively experienced a market value decline of over $100 billion.
Adani Green Energy, in particular, has witnessed a 50 per cent drop in its share value this year.
India’s renewables sector has been one of the most lucrative sectors for international investors, finding its spot among one of the country’s top five industries for overseas funds last year.
A separate report indicated that the Adani Group remains focused on enhancing infrastructure assets and boosting green energy diversification.