Adani Green Energy board approves Rs 12,300 crore fund raising plan

NEW DELHI: Adani Green Energy on Thursday said its board had approved a proposal to raise up to Rs 12,300 crore through qualified institutional placement (QIP) route. The approval was for “raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each of the company and /or other eligible securities or any combination thereof, for an aggregate amount not exceeding Rs 12,300 crore or an equivalent amount thereof by way QIP or other permissible made in accordance with the applicable laws...” The board also approved the proposal to seek approval of the shareholders for the aforesaid issuance and ancillary actions by way of a postal ballot process.