Adani Group. (file photo)
Gautam Adani’s days are going very well for a few days. Foreign investors are getting support and the stock market is also witnessing a boom. Now Gautam Adani has started collecting money to take his projects forward and for this he is also adopting tactics. In such a situation, with the help of three companies, he has made foolproof to raise about 29 thousand crore rupees.
In fact, Adani Green Energy of Adani Group is going to seek board approval to raise Rs 6,150 crore to Rs 8,200 crore through the Qualified Institutional Placement (QIP) route. Earlier, Adani Enterprises got approval to raise Rs 12,500 crore and Adali Transmission got Rs 8,500 crore last week. In this way Adani Group has made a plan to raise Rs 29,200 crore.
chance to capitalize on the atmosphere
The companies of Adani Group suffered a lot after the report of American short seller Hindenburg Research. The credibility among the investors had also reduced considerably. Now it has been 4 months since the report came. During this, an investor like GQG Partners has been found. On the other hand, due to the clean chit given by the Supreme Court committee, a positive atmosphere has been created among the investors regarding the group. To capitalize on this, Adani Group has started working on this plan.
Where will the money be used?
According to Bloomberg’s report, Adani Green has got approval from its board for fund raising in this way every year except 2021. The amount raised by Adani Green Energy will be used to repay the outstanding three-year bonds of $750 million issued in 2021, due next year. At the end of March 2023, Adani Green had a debt of Rs 51,221 crore.
big project in gujarat
According to a Mint report, the company has to pay Rs 45,436 crore through installments by FY2033. The debt of about Rs 39,600 crore of the company is related to operational capacity. Adani Green has a huge repayment of Rs 22,454 crore in FY25, in which refinance of Rs 21,167 crore has been planned. Adani Green is also planning to set up the world’s largest hybrid cluster project of 15 GW on 70,500 acres at Khavda in Gujarat.
What is QIP after all?
In fact, QIP is a method of raising funds, which is adopted by the listed company. In this manner, it can issue equity shares, fully and partially convertible debentures, or warrants. QIP is restricted to institutional or qualified institutional buyers unlike IPO.