India's Adani Green to raise $1.12 bln to expand renewable capacity

Credit: REUTERS/Dado Ruvic

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BENGALURU, Dec 26 (Reuters) - India's Adani Green Energy ADNA.NS on Tuesday said its key shareholders will invest 93.50 billion rupees ($1.12 billion) in the company to expand its renewable power capacity.

The company will issue up to 63.1 million warrants on a preferential basis, at an issue price of 1,481 rupees per warrant. Each warrant can be converted into one equity share, it said in a statement.

According to a government memo from April, India is trying to boost non-fossil capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030 after missing its target to install 175 GW of renewable capacity by 2022.

The world's third-largest greenhouse gas emitter is also looking to boost the share of non-fossil capacity to 50% by 2030, from 42.6% currently.

In a press release, Adani Green said it is now "fully equipped" to achieve its target of 45 GW renewable capacity by 2030 from 8.4 GW currently.

Shares of Adani Green closed up 4.4% after the news but are still down over 17% this year, after a report by U.S. short-seller Hindenburg in January triggered a rout in Adani Group's listed entities.

($1 = 83.1800 Indian rupees)

(Reporting by Manvi Pant and Navamya Ganesh Acharya in Bengaluru; Editing by Varun H K)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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