Indian billionaire Gautam Adani’s renewable energy unit plans to raise 123 billion rupees ($1.5 billion) to fund his coal-dependent conglomerate’s green diversification following the fallout from a damaging short-seller broadside.
Adani Green Energy Ltd.’s board approved the plan at a meeting on Thursday and will then seek approval from shareholders, the company said in a statement, confirming an earlier Bloomberg News report. Shares of Adani Green rose as much as 2.6% in Mumbai after the nod.
By selling shares through qualified institutional placement, or QIP, Adani Green is looking to bring on board more institutional investors and attract more research analysts to cover the firm, said a person familiar with the matter, who asked not to be identified because the discussions were private. Only one analyst currently tracks the company, according to data compiled by Bloomberg.
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