Adani Green plans to raise $1.5 bn to fund its green diversification, reports Bloomberg News

The report comes after two other Adani group companies - Adani Transmission and Adani Enterprise - revealed plans to raise up to $2.57 billion from the market.

Electric power transmission pylon miniatures and Adani Green Energy logo are seen in this illustration | Reuters/Dado Ruvic/Illustration

Adani Green Energy is considering raising about $1.5 billion to fund its green diversification in India, Bloomberg News reported on Thursday, citing people familiar with the matter.

Billionaire Gautam Adani’s renewable energy unit’s board is set to discuss plans to raise funds from institutional investors on Thursday, the firm said earlier this week in a stock exchange filing.

Thursday’s report comes after two other Adani group companies – Adani Transmission and Adani Enterprise – revealed plans in May to raise up to $2.57 billion from the market after a short-seller report battered investor confidence earlier this year.

Adani Green Energy did not immediately respond to Reuters request for confirmation on the fund raise.

(Reporting by Indranil Sarkar and Urvi Dugar in Bengaluru; Editing by Nivedita Bhattacharjee and Eileen Soreng)

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