Billionaire Gautam Adani, in a move to advance the environmental sustainability of the firm, has planned to make a whopping investment towards the company Adani Green Energy, reported Bloomberg. Adani and family will be making an investment of $1 billion ( ₹8,340 crore approximately).
Adani Green is considering issuing preferential shares to the company’s founders to meet expansion and refinancing requirements, the report said, citing sources familiar with the matter. However, the deal is yet to be finalised.
As part of their business expansion, Adani Green is planning to hold a board meeting on December 26 to explore fundraising proposals, including the possibility of selling shares or convertible securities. The same was announced in the exchange filings of the company.
Adani Green is one of the youngest firms part of the Adani Group, and its most significant project is operating the Kamuthi Solar Power Project in Tamil Nadu, one of the largest solar photovoltaic plants in the world.
The energy company currently has a target to achieve 45 gigawatt of green energy capacity by 2030. Further, Adani Green is facing $1.2 billion in bond maturities next year, with the plans for repayment of these obligations already in the works.
Adani Green shares show spike
In the midst of the record-breaking surge of Sensex and Nifty, Adani Green Energy shares have been enjoying a significant spike. The shares of the firm rose as much as 4.6% on Thursday, joining a broader rally that saw gains in other group companies as well.
Earlier this month, the company secured a $1.36 billion loan from an international bank consortium to facilitate the expansion of its renewable power capacity.
While Adani Greens saw a successful few days on the stock market this week, some other companies from the Adani Group suffered majorly. On Wednesday, when Sensex dropped by 930 points, the top losers on the market were Adani Ports & Special Economic Zone (down 5.76%), and Adani Enterprises (down 5.35%).
With inputs from Reuters