Adani Green Energy shares rise 4% ahead of board meet to raise funds

"A meeting of the Board of Directors of Adani Green Energy Limited (the “Company”) is scheduled to be held on December 26, 2023 inter alia, to consider and evaluate a proposal for raising of funds by way of issue of equity shares, convertible securities and / or any other eligible securities, on a rights / preferential basis or any other permissible mode / and / or combination thereof as may be considered appropriate, subject to all such regulatory /statutory approvals as may be required," the company said in a filing.

According to the company's Code of Conduct for prohibition of insider trading, the trading window will remain closed with effect from December 21 till 48 hours after the closure of the meeting to be held on December 26, Adani Green Energy said.

According to a recent Bloomberg report, the Adani Group company is planning to raise $2 billion by next year.

Adani Green is exploring various instruments, including private placement of debt, offshore bank loans as well as dollar and rupee bonds.

Recently, Adani Green Energy incorporated four step down subsidiaries — Adani Renewable Energy Sixty, Adani Renewable Energy Sixty Two, Adani Renewable Energy Sixty Three and Adani Renewable Energy Sixty Four. The four step down entities have an authorised and paid share capital of ₹1 lakh each.

The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind, solar or other renewable sources of energy, Adani Green Energy said.

The new subsidiaries are registered with Registrar of Companies, Gujarat at Ahmedabad.