Adani Green weighs raising Rs 12,300 cr to fund expansion: Report

Gautam Adani-led Adani Group's renewable energy unit, Adani Green Energy, is considering raising about Rs 12,300 crore to fund the coal-dependent conglomerate's green diversification, said a report on Thursday.

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, reported Bloomberg citing people familiar with the matter. Only one analyst currently tracks the company, according to data compiled by Bloomberg.

At 1400 hours on Thursday, Adani Green Energy's scrip on BSE was trading 0.7% higher at Rs 955.

In May, Adani Group's flagship arm Adani Enterprises said it would raise Rs 12,500 crore and Adani Transmission said it would raise Rs 8,500 crore through share sale. 

Adani Green Energy had deferred its board meeting twice to consider share sale but on late Wednesday said its board will meet on Thursday in Ahmedabad "to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities through permissible modes".

The ports-to-power conglomerate has been trying to shore up investor confidence ever since US short-seller Hindenburg Research's critical report in January sparked a stock rout, wiping out nearly $147 billion from Adani companies' market value.