On Thursday, Adani Green Energy’s management committee approved an allocation of 20 million shares to Green Energy Investment Holding RSC Ltd. at Rs 38.5 billion. “The company’s management committee at its meeting today approved the allocation of shares in the company to Green Energy Investment Holdings RSC Ltd through a preferential issue,” the BSE filing said.

Adani Green Energy Limited (AGEL) will issue 2,00,18,198 shares of Rs 10 par value to Green Energy Investment Holding RSC Ltd at Rs 1,923.25 per share. Shares will be listed on BSE Limited and the National Stock Exchange of India Limited.

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The total issue size is around Rs 3,850 crore. The deal is part of a 7.3-billion-dirham ($2 billion) investment by Emirates International Holding Company (IHC) in three Adani Group companies. IHC will invest Rs 385 crore in AGEL, Rs 385 crore in Adani Transmission Ltd (ATL) and Rs 770 crore in Adani Enterprises Ltd (AEL).