Adani Green, a renewable energy company of Gautam Adani, is to consider approving fundraising on July 6. In a BSE filing, Adani Green said, “A meeting of the board of directors of Adani Green Limited will be held on Thursday, July 6, 2023, at Ahmedabad, among other things. The agenda of the meeting is to propose and gain approval for the raising of refund by way of issuing equity shared or any other eligible securities through permissible modes under the applicable laws, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted.”

During May this year, two board meetings had to be called off due to the non-availability of directors. 

US-based boutique investment firm GQG Partner has increased its shareholding in two Adani group companies (Adani Green and Adani Enterprise). In Adani Green, GQG bought 4.47 crore or 2.82% additional shares to take its holding to 10:35 crore shares or 6.54% of the total, according to the exchange filing. In Adani Enterprise, 18 million shares hold a 1.6% stake through block deals.

GQG Partners have been steadily accumulating its investment in the conglomerate since the Hindenburg Research’s report was published. The filings did not highlight the acquisition price, but the sources said the investor purchased promoter stakes worth $500 million in each company.

Before the June 28 acquisition, GQG held 3.82% or 4.35 crore shares in Adani Enterprise Ltd and 3.72% or 5.88 crore shares in Adani Green Energy Ltd. 

Adani Green has emerged as India’s biggest and fastest-growing renewable energy player. Its green capacities have grown at 33% CAGR over the past five years, surpassing the industry average of 15%.