BENGALURU (Reuters) – Indian billionaire Gautam Adani and family are planning to invest $1 billion in Adani Green Energy, Bloomberg News reported on Thursday.
Adani Green is considering issuing preferential shares to the company’s founders to meet expansion and refinancing requirements, the report said, citing sources familiar with the matter.
Adani Group did not immediately respond to Reuters’ request for comment.
The company’s board is set to consider fundraising proposals on Dec. 26, including the possibility of selling shares or convertible securities, it said in an exchange filing late on Wednesday. However, no further details were disclosed in the filing.
Adani Green, with a target to achieve 45 gigawatt of green energy capacity by 2030, faces $1.2 billion in bond maturities next year. Plans are already underway for the repayment or refinancing of these obligations.
Its shares rose as much as 4.6% on Thursday, joining a broader rally that saw gains in other group companies as well.
Earlier this month, the company secured a $1.36 billion loan from an international bank consortium to facilitate the expansion of its renewable power capacity.
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Dhanya Ann Thoppil)
