Adani Eyes $1 Bn Investment In Sustainable Ventures
Billionaire Gautam Adani and his family reportedly intend to infuse USD 1 billion into the renewable energy division of their conglomerate, Adani Green Energy.
This move is part of the group's proactive pursuit of ambitious environmental objectives, occurring alongside the challenge of addressing upcoming bond maturities in the following year, as reported by Bloomberg.
To meet expansion and refinancing requirements, Adani Green Energy is contemplating the issuance of preferential shares to its founders, as per Bloomberg.
Meanwhile, the company's board, as outlined in a filing on Wednesday, is scheduled to deliberate on fundraising proposals on December 26. The range of options under consideration includes the potential sale of shares or convertible securities, with specific details yet to be disclosed.
In addition to the infusion of capital, Adani Green Energy is grappling with bond maturities totaling USD 1.2 billion set to mature in the upcoming year. To address this financial obligation, the company has initiated the formulation of plans for repayment or refinancing.
These strategic financial moves are emblematic of the Adani Group's concerted efforts to overcome the fallout from damaging allegations of corporate fraud made by Hindenburg in January.
Despite vehemently refuting these accusations, Adani companies collectively experienced a significant market value decline, exceeding USD 150 billion at one juncture.
