July 18, 2024
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Adani family plans to invest $1 billion in Adani Green Energy: Report

Billionaire Gautam Adani, along with his family, is reportedly planning a substantial $1 billion investment in Adani Green Energy, as per sources from Bloomberg News. The proposed strategy involves the issuance of preferential shares to the founders of Adani Green, aimed at supporting the company’s expansion efforts and addressing refinancing needs.

Adani Green Energy’s board is set to discuss various fundraising options on December 26, with considerations including the potential sale of shares or convertible securities. The company has set an ambitious target of achieving 45 gigawatts of green energy capacity by 2030. In anticipation of $1.2 billion in bond maturities in the coming year, Adani Green is actively formulating plans for repayment or refinancing.

The news of the Adani family’s investment has had a positive impact on market sentiment, leading to a noteworthy increase of over 5% in Adani Green’s shares on Thursday. This surge is part of a broader market rally, which has also seen gains in other companies within the Adani Group.

Earlier this month, Adani Green successfully secured a significant $1.36 billion loan from an international bank consortium. This financial infusion is intended to play a crucial role in facilitating the expansion of the company’s renewable power capacity.

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