Billionaire Gautam Adani’s renewable energy unit got board approval to raise as much as Rs 93.5 billion ($1.12 billion) by issuing share warrants to its founders as the company charts ambitious growth plans and braces for bond repayments next year.
Adani Green Energy Ltd.’s board approved the plan to issue 63.1 million warrants at Rs 1,480.75, according to an exchange filing Tuesday, confirming an earlier Bloomberg News report. The funds will be utilized for deleveraging and accelerated growth spends.
The first-generation entrepreneur and his family plan to inject $1 billion into Adani Green via preferential shares while the company is planning to raise at least $2 billion in mostly new debt next year, Bloomberg News reported last week citing people familiar with the internal discussions.
The fundraising plan shows Adani Group’s rising confidence in tapping funding sources locally and overseas.
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