AGEL to issue shares worth Rs 3,850 cr to Green Energy Invt Holding

Adani Green Energy Ltd’s (AGEL) management committee on Thursday approved the allotment of two crore equity shares for Rs 3,850 crore to Green Energy Investment Holding RSC Ltd.

“Management committee of the Company, at its meeting held today approved allotment of the equity shares of Company by way of the private placement on a preferential issue basis to Green Energy Investment Holding RSC Ltd,” a BSE filing said.

Adani Green Energy (AGEL) will issue 2,00,18,198 equity shares of face value Rs 10 each at the rate of Rs 1,923.25 per share for Rs 38,49,99,99,303.50 to Green Energy Investment Holding RSC Ltd, it added.

The equity shares will be listed on BSE Limited and the National Stock Exchange of India Limited.

Earlier this month, AGEL received the approval of shareholders for the issuance of these shares to Green Energy Investment Holding at an Extra-Ordinary General Meeting (EGM) convened for the issue. The current principal shareholder of the latter is Abu Dhabi-based IHC Capital Holding LLC.

The deal is a part of the 7.3 billion dirhams (USD 2 billion) investment to be made by the UAE’s International Holding Company (IHC) in three Adani Group companies.

IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in Adani Transmission Ltd (ATL), and Rs 7,700 crore in Adani Enterprises Ltd (AEL).

According to an announcement made last month, AGEL has raised $288 million afresh from a group of global lenders through green project loan agreements. The facility has been raised to fund the under-construction renewable asset portfolio of the company.

The new loan is planned to help the company to initially finance 450-megawatt (MW) solar and wind hybrid projects. These projects are being constructed in the state of Rajasthan.

The facility has been realized in the form of a certified green hybrid project loan from seven international banks, including BNP Paribas, Cooperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.