Adani Green Energy to Raise ₹123 Billion via Share Offering

The company intends to issue equity shares, each having a face value of ₹10


Adani Green Energy (AGEL), the renewables arm of the Adani Group, plans to raise ₹123 billion (~$1.4 billion) through the sale of shares via qualified institutional placement (QIP) or permissible methods.

In a regulatory filing, the company said its board had approved the fundraising endeavor.

Adani Green intends to issue a specific number of equity shares, each having a face value of ₹10 (~$0.12), alongside other eligible securities or a combination thereof.

The aggregate amount raised will not exceed ₹123 billion (~$1.4 billion) or an equivalent sum.

However, the implementation of this plan hinges on obtaining the necessary approvals, including those from the company’s members and regulatory bodies.

Additionally, the company will undertake the requisite steps to seek approval from shareholders for the proposed issuance and accompanying actions through a postal ballot process.

In March 2023, the company said its fourth wind-solar hybrid power project had become fully operational at Jaisalmer in Rajasthan. With the operationalization of the 700 MW project, Adani Green claimed it had the largest operating renewable portfolio in India, with 8,024 MW.

The company’s revenue grew by 89% year-over-year (YoY) to ₹21.3 billion (~$261 million) for the fourth quarter (Q4) of the financial year 2022-2023 on the back of higher energy sales and renewable capacity addition.

The company sold 4,642 MU of energy during the last quarter of the financial year, up 56% YoY. The sales include 2,872 MU of solar, followed by 428 MU of wind and 1,342 MU of solar-wind hybrid.

Adani Green was among the top five utility-scale solar project developers in 2022, according to Mercom’s India Solar Market Leaderboard 2023. The company had a market share of 11%.