KPI Green Energy on May 13 said its board has approved a proposal to raise up to ₹1,000 crore through issuance of shares via qualified institutional placement.

This is subject to approval from shareholders, according to a regulatory filing.

The board has approved the “raising of funds through the issuance of equity shares or any other equity-linked securities or other securities convertible into or exchangeable for shares by way of QIPs (including one or more qualified institutional placements in tranches) in one or more of the tranches for an aggregate amount up to Rs 1,000 crore.”

Based in Gujarat, KPI Green Energy Limited (formerly known as K.P.I. Global Infrastructure Limited), is a leading renewable power generating company.