KPI Green Energy Puts ₹118 Cr to Work in Renewable Expansion

KPI Green Energy has raised ₹118.75 crore through a preferential issue of convertible warrants, according to a Monitoring Agency Report issued by India Ratings & Research.
 

The renewable energy company allotted 1.01 crore convertible warrants, each convertible into one equity share with a face value of ₹5, at an issue price of ₹470.30 per warrant. The total issue size stands at ₹475 crore, of which 25 percent — amounting to ₹118.75 crore — was received upfront. The company stated that the entire upfront amount has already been utilised during the quarter for the development of its existing and upcoming Independent Power Producer (IPP) renewable energy projects.

The funds have been deployed toward equipment procurement, balance of plant works, civil and electrical infrastructure, power evacuation facilities, and other project-related expenditures associated with renewable energy development. Out of the utilised amount, ₹68.75 crore was paid to KP Energy, a related party, for project development activities.

The remaining 75 percent of the issue proceeds, amounting to approximately ₹357.43 crore, is expected to be received as warrant holders exercise their conversion rights within the stipulated 18-month period.

News by Rahul Yelligetti.