Apollo Green Energy Limited (formerly Apollo International Limited), a company eyeing growth in India’s renewable energy sector, made a grand announcement in January 2025—raising ₹4,110 Crores via private placement by issuing 13.7 crore equity shares at ₹300 per share (₹10 face value + ₹290 premium). The proposed capital raise was touted as a strategic move to scale capacity, bid for PSU projects, and expand into new-age energy solutions like green hydrogen.
However, an analysis of subsequent board resolutions and actual allotments between May and July 2025 reveals a fragmented and less institutionalized capital inflow, raising questions on the execution strategy and investor profile divergence.
The Following Information we have collected from Ministry of Corporate Affairs which is updated between May, June and till 21st July 2025.
As per the EGM Notice dated 13 January 2025, the following six subscribers were expected to bring in the majority of the ₹4,110 Crores:
| Subscriber Name | Shares Proposed | Investment (₹ Cr) |
|---|---|---|
| OSK Holdings (AIL) Pvt. Ltd. | 3 Cr | ₹900 Cr |
| AIL Consultants Pvt. Ltd. | 3 Cr | ₹900 Cr |
| RK Eternanova Pvt. Ltd. (ex-Amit Dyechem) | 3 Cr | ₹900 Cr |
| Mr. Raaja Kanwar (Promoter) | 2.9 Cr | ₹870 Cr |
| Samriddhi Mega Structures Ltd. | 0.9 Cr | ₹270 Cr |
| R Net Intelligence Systems Pvt. Ltd. | 0.9 Cr | ₹270 Cr |
| Total | 13.7 Cr | ₹4,110 Cr |
The pitch was straightforward: secure large institutional and promoter funding in a single or multiple tranches to rapidly expand renewable capacities.
All the fund raising documents are attached here as google drive link for ready reference.
[ https://drive.google.com/drive/folders/1zD4WXmvTe5GoaKObjcg2-ln3x4CDNtMK ]
Between May and July 2025, the company passed multiple resolutions to allot shares—but surprisingly, these allotments are in small tranches and from only two actual contributors:
Despite being proposed as a ₹900 Cr investor, RK Eternanova has only contributed in pieces, with resolutions passed for:
| Date | Shares Allotted | Amount Raised (₹ Cr) |
| 14-May-25 | 1.80 lakh | ₹4.70 Cr |
| 07-Jun-25 | 43507 | ₹1.13 Cr |
| 17-Jun-25 | 2.32 lakh | ₹6.85 Cr |
| 04-Jul-25 | 1.29 lakh | ₹3.82 Cr |
| 08-Jul-25 | 18.92 lakh | ₹53.95 Cr |
| 19-Jul-25 | 46,685 | ₹1.37 Cr |
| Total | ~25.22 lakh | ~₹71.82 Cr |
This is barely 7.98% of the originally committed ₹900 Cr.
Likewise, his committed ₹870 Cr saw a modest contribution:
| Date | Shares Allotted | Amount Raised (₹ Cr) |
| 06-Jun-25 | 40,804 | ₹1.06 Cr |
| 04-Jul-25 | 13,409 | ₹0.35 Cr |
| 16-Jul-25 | 188172 | ₹4.91 Cr |
| 18-Jul-25 | 16,858 | ₹0.44 Cr |
| Total | ~2.59 lakh | ₹6.76 Cr |
This represents just 0.77% of the announced ₹870 Cr.
Despite the initial EGM claiming ₹4,100 Cr would be raised in a structured private placement with large institutional names and promoter investment, the company has only realized about ~₹78 Cr—a mere 1.88% of the target.
Instead of large upfront institutional participation, shares have been allotted in small tranches, mostly to RK Eternanova and Raaja Kanwar. This signals a lack of readiness or commitment from other investors, or delays in capital inflows.
There is no official update indicating whether OSK Holdings, AIL Consultants, or the other original investors have deferred or withdrawn, nor any communication on revising the ₹4,110 Cr target or scaling it down.
Credibility Risk: Investors evaluating Apollo Green Energy must now assess whether the management’s initial claims of fundraising capacity were overambitious.
Execution Risk: The gap between announced and actual capital raises casts doubt on the company’s ability to execute its expansion plans on schedule.
Governance Transparency: The company should clarify:
Whether remaining funds are expected and when?
Why the initial investors have not participated yet?
Whether fundraising strategy has shifted from institutional to internal/private sources?
Apollo Green Energy's fundraising journey shows a classic mismatch between grand announcements and operational delivery. While the company might still pursue its ₹4,110 Cr target, the reality of raising just ₹78 Cr from two sources over three months indicates challenges—either in investor confidence, internal readiness, or market conditions.
Investors, especially those in the unlisted markets, must conduct deeper due diligence beyond EGM notices and assess real-time capital inflows before placing confidence in any valuation or growth story.
