Adani Green plans to raise ₹12,300 crore

livemint.com:

Mumbai: Adani Green Energy Ltd (AGEL), on Tuesday, said the renewables energy firm is planning to raise up to Rs. 12,300 crore.  Following a board meeting, the company said it will raise the capital via qualified institutional placement (QIP) or any other eligible securities, according to an exchange filing.  The amount of funds to be raised will be subject to regulatory and statutory approvals, as well as the approval of AGEL's shareholders by way of postal ballot process, said the filing.  Following the announcement, shares of Adani Green rose as much as 2.6% to ₹972.9 apiece on an intraday basis before ending at ₹958 apiece.   Adani Green has a market capitalization of ₹1.52 trillion but, over the past year, the company’s stock has lost 50%, even though the broader market index Nifty 50 gained at least 22%.  On 23 May, Mint first reported that Adani Green Energy Ltd is in talks with global fund managers to raise ₹5,000-6,000 crore as India’s largest renewables company revives its capex plans four months after the Hindenburg setback.  The fund raising will include sale of new shares, as well as promoter shares worth 3-4% held by Adani family entities including group founder Gautam S.

Adani (on behalf of Shantilal Bhudermal Adani Family Trust), said the Mint report citing people aware of the matter.   The Adani family trust owns 20.76% in Adani Green, while Adani Trading Services Llp and Infinite Trade And Investment Ltd hold 29.94% and 6.28% respectively.  In January, the Adani group companies had put capex and fundraising plans on hold after a blistering report by US short-seller Hindeburg Research accusing the conglomerate of stock price manipulation and accounting fraud hammered their shares. The group has denied