Adani family to invest Rs 9,350 cr in green unit via issuance of warrants

The quantum of warrants constitutes up to 3.833 per cent of the share capital of the company. As of the September 23 ended quarter, promoters and promoter groups held a 56.26% stake in the company

The Adani family will invest Rs 9,350 crore in Adani Green Energy through a preferential issuance of warrants, the company said in a statement on Tuesday.

The Board of Directors of Adani Green have approved a preferential issuance of warrants to the promoters of Adani Green for Rs 9,350 crore at Rs 1,480.75 per share, the company added.

The quantum of warrants constitutes up to 3.83 per cent of the share capital of the company. As of the September quarter, promoters and promoter groups held 56.26 per cent in the company.

 Each warrant, the company said, will be convertible into, or exchangeable for, one fully paid-equity share of the company, which may be exercised in one or more tranches during a period of 18 months commencing from the date of allotment. The warrants are proposed to be allotted to Ardour Investment Holding and Adani Properties Private Limited.

The issuance, the company said, is subject to approvals, including shareholders' nod to be sought at the extraordinary general meeting (EGM) to be held on January 18.

“This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans,” said Gautam Adani, Chairman of the Adani Group.

The company said the fund infusion will be utilized for deleveraging and for growth capital expenditure aimed at achieving 45 gigawatt of green energy capacity by 2030.  As of September 30, the company had a consolidated gross debt of Rs 48,327 crore.

Of the total outstanding debt, the company has long-term debt repayment of Rs 1,563 crore up in the second half of the current fiscal year. Another Rs 22,942 crore is up for repayment (including refinancing) in FY25.