In an exchange filing, Adani Green Energy said, "The board has approved raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each of the company and/or other eligible securities or any combination thereof, for an aggregate amount not exceeding Rs 12,300 crore or an equivalent amount thereof by way of qualified institutional placement or other permissible mode.”

The board will seek approval of the shareholders for the aforesaid issuance and ancillary actions by way of postal ballot process, the company stated.

Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The power generation company reported a consolidated net profit of Rs 508 crore in Q4 FY23, steeply higher than Rs 121 crore recorded in Q4 FY22. Revenue from operations climbed 81.65% year on year to Rs 2,583 crore during the quarter.

Shares of Adani Green Energy rose 0.85% to Rs 956 on the BSE.