In accordance to those familiar with the matter, Adani Green Energy is planning to seek board approval to raise $6,150 crore ($750 million) to $8,200 crore ($1 billion) via qualified institutional placement (QIP).

On May 13, two group companies, Adani Enterprises (12,500 crore) and Adani Transmission (8,500 crore), received board approval for fundraising.

The exercise is part of a group plan announced last year to create a "three-year equity cushion" to support expansion plans.

According to an analysis, Adani Green has received such capital-raising permission from its board every year except 2021.

Adani Green Energy's capital raise will be used to repay a $750 million three-year bond issued in 2021 that is due next year. According to the people cited above, the money will most likely be kept in a dedicated redemption reserve account and paid on the due date.

The original plan had been to prepay the bond after receiving special RBI approval, but the company decided against it.

"We do not make routine business comments." "When appropriate, all public disclosures on business matters are disclosed," an Adani Group spokesperson said.