On July 6, Adani Green Energy Limited, the renewable energy company owned by billionaire Gautam Adani, will convene a board of directors meeting in Ahmedabad. During the meeting, they will assess and potentially authorize the fundraising proposal, which involves raising funds through the issuance of equity shares or other eligible securities through various permissible methods such as private placement, qualified institutions placement, preferential issue, or any other lawful means allowed by relevant regulations. This information was communicated through a filing on the Bombay Stock Exchange (BSE)
During May, two board meetings had to be cancelled because the directors were not available.
Yesterday, the investment firm GQG Partners raised its ownership in both Adani Green Energy and Adani Enterprises. As per the exchange filing, GQG acquired an additional 4.47 crore shares, equivalent to 2.82% of Adani Green Energy, bringing its total holding to 10.35 crore shares, representing 6.54% of the company's total shares.
Following Hindenburg Research's report, which raised concerns about accounting fraud and stock price manipulation within the conglomerate, GQG Partners has significantly increased its investment in the company.
Adani Green has positioned itself as India's leading and fastest-growing renewable energy player. Over the past five years, its green capacities have experienced a remarkable 33% Compound Annual Growth Rate (CAGR), surpassing the industry average of 15%.
At present, the renewable energy portfolio of Adani Green stands at 20.4 GW, with 8.2 GW already operational and an additional 12.2 GW under construction or in near-construction projects. The company aims to expand its portfolio further to reach an impressive 45 GW by the year 2030.
