Adani Green to raise Rs 123 billion to fund expansion

The Board of Adani Green Energy Limited (AGEL) has cleared plans to raise up to Rs 123 billion by way of qualified institutional placements (QIPs) of shares or any other share-sale instrument.

The company will use the proceeds to repay debt and expand capacity. Two group companies — Adani Enterprises Limited and Adani Transmission Limited — had earlier announced they would raise Rs 210 billion via the QIP/share sale route. All QIPs will be launched later this year.