Adani Green Energy (AGEL), the renewable energy arm of Adani Group, has cancelled its board meeting convened to seek approvals to raise funds through qualified institutional placement or other modes.
The meeting was cancelled due to non-availability of directors, and a fresh notice will be issued to inform of the next date for it, AGEL said in a stock exchange update late on Tuesday.
While the company has not disclosed the amount it intends to raise, sources close to the development had told FE that AGEL was looking to raise about $500-700 million (Rs 4,100-5,740 crore). A part of the funds would be used for the company’s capex plans, apart from paring debt.
AGEL has a total of 7.3 GW operating assets. The company, in its Q3 earnings presentation, had said, its 13.1 GW of the renewable portfolio is either under construction or nearing completion.
The company had posted gross debt of Rs 47,424 crore as of March 2023, a reduction by Rs 747 crore from Rs 48,171 crore recorded as of March 2022. It more than tripled its consolidated net profit for Q4 to Rs 507 crore, primarily backed by strong capacity addition. Total income had nearly doubled to Rs 2,988 crore from Rs 1,587 crore in the year-ago quarter.