Adani Green Energy Limited (AGEL) has successfully secured ₹1,208.59 crore in fresh capital through the conversion of 1.08 crore share warrants into equity shares by Ardour Investment Holding Ltd, a key promoter group entity. This strategic capital infusion, approved by the company’s Management Committee on Saturday, July 12, 2025, significantly strengthens AGEL’s financial foundational in its ambitious pursuit of expanding India’s renewable energy landscape. The move elevates the promoter group’s stake from 61.91% to 62.17%, underscoring a reinforced commitment to the company’s long-term growth trajectory in sustainable energy.
The conversion of these warrants, each with a face value of ₹10 and issued at a premium of ₹1,470.75, aligns with the terms established during the initial warrant allotment on January 25, 2024. Ardour Investment Holding Ltd had originally subscribed to 6,31,43,677 convertible warrants by paying 25% upfront, with the remaining 75% now paid for the converted portion. This structured funding mechanism provides AGEL with essential financial liquidity to propel its extensive portfolio of solar and wind power projects, crucial for transitioning India towards a zero net carbon future and fostering eco-friendly urban and industrial ecosystems.
The newly allotted shares will rank pari passu with existing equity shares, carrying identical dividend rights and voting power, ensuring equitable participation for all shareholders. It is noteworthy that Ardour Investment Holding Ltd still retains 1,15,76,193 warrants, with the option to convert them by July 24, 2025, within the stipulated 18-month regulatory window set by the Securities and Exchange Board of India (SEBI). This continued potential for further capital injection provides a robust financial runway for AGEL’s aggressive expansion plans in the renewable energy sector.
AGEL’s financial performance continues to demonstrate strong fundamentals, underpinning its capacity for significant growth. For the quarter ending March 31, 2025, the company reported a remarkable 53% surge in net profit, reaching ₹230 crore compared to ₹150 crore in the corresponding period of the previous year. This robust profitability was complemented by a 20.8% year-on-year revenue growth, amounting to ₹3,053 crore, driven by the consistent expansion of its renewable energy portfolio and the successful commissioning of new projects. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also saw a healthy 30% year-on-year increase to ₹2,382 crore, with an improved EBITDA margin of 78%.
This latest capital infusion is pivotal for Adani Green Energy as it continues to deploy advanced renewable energy technologies and expand its operational capacity across India. By consistently channelling resources into greenfield projects and enhancing operational efficiencies, AGEL plays a critical role in bolstering India’s energy security and accelerating its ambitious climate targets. The company’s strategic financial manoeuvres and strong operational performance collectively reinforce its position as a frontrunner in driving India’s sustainable energy transition, contributing significantly to cleaner air and more resilient, equitable urban environments.
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