Adani Family To Make A $1 Billion Investment In This Company, Shares Surge

According to Bloomberg, billionaire Gautam Adani and his family are set to make a staggering investment of $1 billion (Rs. 8,340 crore) towards Adani Green Energy, which will warrant the company”s preferential shares. Adani Green is intent on using the amount for refinancing requirements, meeting expansion plans, and thus advancing environmental sustainability.

A board meeting with respect to the fund-raising initiative on December 26 will contemplate other options, such as selling shares or convertible securities, according to the report. Adani Green, which is the younger Adani group company operating the Kamuthi Solar Power Project in Tamil Nadu, one of the largest solar photovoltaic plants in the world, has set a target of 45 gigawatts of green energy capacity by 2030. Moreover, it is in a position to meet $1.2 billion in bond repayment obligations next year.

The company secured a $1.36 billion loan from an international bank consortium earlier this month to facilitate the expansion of its renewable power capacity.

In light of the proposed investment, Adani Green Energy shares saw a spike of 4.6% on Thursday and are currently trading with a rise of 0.56 percent from their opening price. However, other Adani Group company shares are on the downward trend, as on Wednesday, when Sensex slashed by 930 points, the top losers on the market included Adani Ports & Special Economic Zone (down 5.76%) and Adani Enterprises (down 5.35%).