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Adani Green Secures Rs9,350 Crore Infusion as Promoters Convert Warrants at 45% Premium

Adani Green Energy Ltd (AGEL) has received a significant equity boost of Rs9,350 crore from its promoter group after Ardour Investment Holding Ltd converted 1.15 crore share warrants into equity. Originally subscribed in January 2024 at Rs1,480.75 per warrant, the conversion—completed while AGEL’s stock traded at around Rs1,030—reflects a 45% premium and demonstrates strong promoter confidence in the company's long-term strategy.

The fresh infusion increases AGEL’s paid-up capital to 164.72 crore shares and slightly raises the promoter group’s stake from 62.17% to 62.43%. Out of the total proceeds, Rs3,116 crore will be used to repay shareholder loans, and Rs6,233 crore is earmarked for capital expenditure and general corporate purposes. This fully funds AGEL’s ambitious plan to expand its renewable energy capacity to 50 GW by 2030.

The company’s financial health has notably improved—its net worth has risen to Rs31,192 crore (from Rs22,574 crore), while the net debt-to-equity ratio has declined from 3.07x to 2.04x, making it one of the most financially sound green energy firms in India and globally.

In a related transaction, Dubai-based Shajaeatan Investment FZCO led a Rs3,050 crore stake purchase in AWL Agri Business, while Adani Commodities LLP exited the firm, selling a 10% stake for Rs3,732 crore. The move aligns with the Adani Group’s pivot toward core infrastructure and energy sectors.