Business News / Gautam Adani will fulfill PM Modi's dream - made a plan of Rs 9350 crore

Business News: To fulfill PM Narendra Modi's dream of clean energy, Adani Group Chairman Gautam Adani has made a tremendous plan. Adani is going to invest Rs 9350 crore in green energy. According to the information, Gautam Adani and his family will invest Rs 9,350 crore in the green energy unit to enable the company to achieve the target of 45 gigawatt capacity by the year 2030.

Adani Green Energy Limited (AGEL) said in the information given to the stock market on Tuesday that its board of directors approved the plan to issue 6.31 crore preferential warrants to the promoters at a price of Rs 1,480.75 per share. In this way, an amount of Rs 9,350 crore will be raised by issuing warrants. This investment of Rs 9,350 crore by the promoters in the company will be used to repay the loan and for immediate capital expenditure. After this investment, promoter group firms will get 3.833 percent equity stake in Adani Green Energy.

Many approvals will have to be taken

The company has bonds worth $1.2 billion which are due to mature next year. The company has already started making plans for payment or refinance of these bonds. The company said that for issuing preferential warrants, approval from regulatory and statutory bodies will also be required. Apart from this, the approval of the shareholders will also be taken in the extraordinary general meeting (EGM) of the company to be held on January 18. Active in the green energy sector, AGEN already has power purchase agreements for a capacity of 19.8 GW and over two lakh acres of land in a resource-rich region (equivalent to additional capacity of over 40 GW). The company has set a target of 45 gigawatt green energy capacity by the year 2030.

The country's dream will be fulfilled

Adani Group Chairman Gautam Adani said that this investment by the Adani family reflects our commitment not only to realize our country's clean energy dream but also to an equitable energy transition. With the infusion of funds, AGEN is well positioned to achieve its rapid growth trajectory. AGEL had earlier announced the setting up of a $1.36 billion construction facility by eight major international banks for 2,167 MW of solar power projects in the country's largest solar park located in Khavra, Gujarat.

Apart from this, AGEL had announced equity capital of $ 1.42 billion ($ 1.12 billion from promoters' preferential allotment and $ 300 million from TotalEnergies JV). This is equivalent to a capital of more than three billion dollars. This reflects the strong interest of long-term investors, strategic partners, financial institutions and banks in conjunction with the promoter's continued commitment to the goals of AGEN, the company said in a stock exchange filing.

Company's shares rise

After this decision, there has been a rise in the shares of Adani Green Energy. According to BSE data, shares of Adani Green Energy closed at Rs 1599.90 with a rise of 4.30 percent. The company's shares also reached Rs 1630 during the trading session. However, this morning the company's shares opened at Rs 1555. At present the market cap of the company has reached Rs 2,53,429.36 crore. In the last 6 months, the company's shares have seen a rise of about 69 percent. Whereas the company's shares have increased by 54 percent in a month.