Adani promoters raise stake in AGEL through warrant conversion

Ardour Investment Holding, a promoter entity of the Adani Group, has increased its stake in Adani Green Energy Limited (AGEL) to 62.5 per cent following the conversion of share warrants into equity.  

The warrants were originally issued in January 2024 at Rs 1,480.75 per unit, with a 25 per cent upfront payment. The remaining amount was paid upon conversion on July 18 at a revised price of Rs 1,110.56 per unit, after approval by the company’s board.

This follows a period of stake reduction by the promoters, who had lowered their holding in AGEL from 60 per cent to around 56 per cent after the release of a report by the now-defunct research firm Hindenburg in early 2023. That reduction was the result of stake sales to institutional investors including GQG Partners and the Qatar Investment Authority.

The latest equity infusion comes as AGEL plans significant capacity expansion. In FY26, the company expects to add 5 gigawatts of renewable energy capacity, involving a projected capital expenditure of Rs 31 billion. AGEL currently has 15.8 GW of installed capacity and expects to reach 19 GW by the end of the fiscal year. The company has already signed power purchase agreements for an additional 16 GW.