Indian billionaire Gautam Adani’s renewable energy unit got board approval to raise as much as US$1.12 billion by issuing share warrants to its founders as the company charts ambitious growth plans and braces for bond repayments next year.

Adani Green Energy’s board approved the plan to issue 63.1 million warrants at 1,480.75 rupees (S$23.56), according to an exchange filing on Tuesday (Dec 26), confirming an earlier Bloomberg News report. The funds will be utilised for deleveraging and accelerated growth spends.

The first-generation entrepreneur and his family plan to inject US$1 billion into Adani Green via preferential shares while the company is planning to raise at least US$2 billion in mostly new debt next year, Bloomberg News reported last week citing people familiar with the internal discussions.

The fundraising plan shows Adani Group’s rising confidence in tapping funding sources locally and overseas. It has been steadily clawing back support from investors and lenders in recent months after a damaging broadside from Hindenburg Research earlier this year that plunged it into crisis for months. BLOOMBERG