Adani Green Energy, the renewable energy arm of Adani Group, got shareholders’ approval to raise ₹9,350 crore through issuance of preferential warrants to promoters with a whopping 99.9% majority.
The shareholders approved the proposal at the company’s EGM held on Tuesday, it said in a regulatory update. On December 26, AGEL said it would use the funds to achieve its target of 45 gigawatts of green energy capacity by 2030, and for other capex plans.
AGEL had received board approvals for the preferential issue of 63.14 million warrants to promoters at ₹1,480.75 a share. The warrants – constituting 3.833% of AGEL’s share capital – were to be issued to promoter entities Ardour Investment Holding and Adani Properties.
Later, proxy advisory firm Institutional Investors Advisory Services asked investors to vote against the proposal, stating it does not support the choice of warrants instead of equity brought upfront for the fund infusion.