AGEL receives Rs 93.50 billion equity infusion through warrant conversion

Adani Green Energy Limited (AGEL) has received an equity infusion of Rs 93.50 billion from its promoter group through the conversion of 11.5 million share warrants into equity by Ardour Investment Holding Limited. The warrants were issued at Rs 1,480.75 per share and were fully paid up this week, with the final 75 per cent subscription completed. Of the total proceeds, Rs 31.16 billion will be used to repay shareholder loans and Rs 62.33 billion for capital expenditure and corporate purposes. AGEL stated that the funding fully supports its target of reaching 50 GW renewable energy capacity by 2030.