Adani Green to Discuss Fundraising at July 6 Board Meeting

Adani Green Energy Limited has announced its intention to discuss fundraising options during the upcoming board meeting scheduled for July 6. In an official filing with the Bombay Stock Exchange (BSE), the company revealed that the board of directors will convene to consider and approve the proposal of raising funds through various avenues. These may include issuing equity shares or other eligible securities through methods such as private placement, qualified institutions placement, preferential issue, or any other permitted approaches as governed by applicable laws. The company will seek the necessary regulatory and statutory approvals, as well as approval from its shareholders.

In recent developments, GQG Partners, an Australian-listed investment firm led by Rajiv Jain, invested approximately $1 billion in additional stakes across various Adani companies, including Adani Green Energy and Adani Enterprises. The transactions were carried out through block deals, with GQG Partners acquiring a 2.2% stake comprising 35.2 million shares in Adani Green Energy and a 1.6% stake comprising 18 million shares in Adani Enterprises. GQG Partners has been actively investing in the Adani conglomerate following a significant decline in their stock prices triggered by Hindenburg Research's critical report, which accused the group of financial misconduct and stock manipulation. As a result, Adani companies collectively lost $147 billion in market value.

Meanwhile, the shares of Adani Green Energy witnessed a slight increase in trading on Tuesday. The stock closed at Rs 944.45, reflecting a 0.27% rise from its previous closing price of Rs 941.90. The trading volume amounted to Rs 79.03 lakh, contributing to a market capitalization of Rs 1,49,532.67 crore.

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