Adanis to invest ₹9,350 crore in green unit to pare debt – Times of India

Mumbai: The The Adani family It will invest Rs 9,350 crore (about $1.1 billion). Adani Green Energywhich will help the company. Pay off the debt and spending on expansion.
Adani Green, which has a stake in Total Energy and GQG Partners, will issue convertible warrants. Adani 1,481 per family. The warrants, when converted into equity shares in the company within 18 months from the date of issue in January 2024, will increase the family’s stake from 56.37 percent to 58.05 percent. Adani Green’s stock ended at Rs 1,600 on the BSE on Tuesday, up 4%.
Adani Green A Debt 40,769 crore by the end of September 2023 and the proposed fund infusion comes as it prepares to repay the bond in September 2024.

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“India is on the verge of becoming a world leader in renewable energy and Adani Green is at the forefront of this revolution,” said its chairman Gautam Adani.
“This investment Underlines our commitment from the Adani family… to an equitable energy transition where we phase out conventional sources of electricity as well as greener, cheaper alternatives to fuel our rapid growth and development projects. Let’s move forward.
Besides Gautam, his brother Rajesh Adani and his nephew Sagar Adani (son of Rajesh) represent the family on the board of the renewable resources company.
The company will issue just over 6.3 crore warrants to Ardor Investment Holding and Adani Properties – which belong to the promoter group – and each warrant will be converted into one equity share of Adani Green within 18 months from the date of allotment. , its notice to shareholders. said. Currently, Adani Properties and Ardor Investments do not hold any shares in Adani Green, regulatory filings show.
Adani Green intends to use half of the warrant proceeds of Rs 9,350 crore to repay loans and bonds worth Rs 4,675 crore, the notice said. It will use the balance to invest in renewable projects (Rs 2,338 crore) and its ongoing expenditure (Rs 2,337 crore). The company plans to have 45 GW of renewable energy capacity by 2030.

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