Hey there, Indian investors and business enthusiasts! Big news coming your way from the heart of Indian business landscapes. Adani Green Energy is gearing up to seek the green light from its board to secure a whopping amount ranging from Rs 6,150 crore to Rs 8,200 crore (that’s $750 million to $1 billion) through the qualified institutional placement (QIP) route. Talk about making moves in the Indian business arena!
The buzz is that two other powerhouse group companies, Adani Enterprises and Adani Transmission, have already received the nod from their boards for fundraising, with eye-popping sums of Rs 12,500 crore and Rs 8,500 crore respectively. It’s all part of a strategic master plan crafted last year to fortify a three-year equity cushion and fuel expansion initiatives. Adani Green Energy is not one to shy away from seeking board approvals for capital-raising, except for last year, as per a Bloomberg analysis.
So, where will all this capital mojo go? Well, the freshly raised funds are earmarked to retire a $750 million three-year bond issued back in 2021, which is due next year. The beans have been spilled by insiders who hint at storing the moolah in a dedicated redemption reserve account until the due date comes knocking.
In a twist of events, Adani Green Energy is currently in talks to rejig its agreement with the French giant TotalEnergies for a proposed $4 billion investment in a green hydrogen venture. The journey hit a speed breaker post the Hindenburg Research report alleging stock shenanigans and fraud within the Adani Group. However, the Adani clan has waved off these claims, standing tall on their ground.
Last year, Adani New Industries Ltd (ANIL) and TotalEnergies had their eyes set on a collaboration that involved TotalEnergies taking a 25% stake in ANIL, but plans were momentarily paused in light of the alleged report. It’s a rollercoaster ride in the Indian business realm, and Adani Green Energy is navigating these twists and turns with strategic finesse.
As the Indian business horizon evolves, Adani Green Energy’s moves reflect a potent blend of ambition, resilience, and adaptability. Stay tuned for more thrilling updates as these power players shape the future of Indian business landscapes. Exciting times lie ahead, folks!
Source: Economic Times