Adani Green Energy is planning to raise ₹9,350 crore ($1.125 billion) through the issue of equity warrants on preferential basis to its promoter group, the company said in an exchange filing.

The warrants will be issued at ₹1480.75 per share and the funds raised will be used to deleverage and for capital expenditure. Around 25 per cent of the funds infusion will go towards repaying bonds of $750 million of the holdco company, due in September 2024. The equity infusion will increase promoter stake in Adani Green to 58.046 per cent from 56.373 per cent .

An extraordinary general meeting of its shareholders will be held on January 18 to seek approval for the proposal which was approved by the board today.

Also read: Adani Green’s Q2 net profit jumps 150% on higher energy sales

The company said that it is now fully equipped to achieve its stated target of 45 GW of green power by 2030, with 20.6 GW capacity already locked in. It has also secured land of over 2 lakh acres equivalent to over 40 GW of additional capacity, and the current equity infusion will fully fund this target, it added.

“India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution,” said Gautam Adani, Chairman of the Adani Group. “With the funds infusion, AGEL remains favorably positioned to achieve its accelerated growth trajectory,” the company said.

Earlier, the company raised $1.36 billion from eight international banks as construction facility for the construction of 2,167 MW solar power projects in Khavda, Gujarat. The company is building a solar park at the location.

In addition, it has also announced $1.425 billion of equity capital, translating into a capital raise of $3 billion.