Apollo Green Energy Limited (formerly Apollo International Limited) entered 2025 with ambitious plans to accelerate its presence in India’s renewable energy space.
In January 2025, the company announced a ₹4,110 crore private placement. The company had planned to issue 13.7 crore equity shares at ₹300 per share (₹10 face value + ₹290 premium).
The company’s vision was clear:
- Expand solar and hybrid energy capacity
- Bid aggressively for PSU projects
- Venture into green hydrogen and energy storage
However, a closer look at actual allotments between May and July 2025 tells a very different story, highlighting fragmented inflows, minimal participation, and rising investor scepticism.
Proposed And Actual Funding Not Matching
The following information we have collected from the Ministry of Corporate Affairs, which is updated between May, June and 21st July 2025.
Initial Commitment
As per the EGM notice (13 Jan 2025), six subscribers were set to lead the ambitious capital infusion mentioned below.
| 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 plan projected large institutional inflows and substantial promoter participation, suggesting an increased confidence in AGEL’s growth story.
Actual Fund Inflow
Fast-forward to July 2025, and MCA filings reveal a completely different picture. The contribution was received, but only in small tranches and only from two contributors.
- RK Eternanova Pvt. Ltd.
| Date | Shares Allotted | Amount Raised (₹ Cr) |
| 14-May-25 | 1.80 lakh | 4.70 Cr |
| 07-Jun-25 | 43,507 | 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 just 7.98% of the originally committed ₹900 Cr.
- Mr. Raaja Kanwar (Promoter)
| 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 | 1,88,172 | 4.91 Cr |
| 18-Jul-25 | 16,858 | 0.44 Cr |
| Total | 2.59 lakh | 6.76 Cr |
Source: ROC Filings
Combined, only ₹78.5 Cr has been realised, a mere 1.88% of the ₹4,110 Cr target.
Insights from the Capital Raise
- Discrepancy in Execution
- Announced ₹4,110 Cr vs. Actual ₹78 Cr raised.
- Major other original subscribers (OSK, AIL Consultants) have not participated yet.
- Fragmented Fundraising: Multiple micro-tranches indicate weak institutional backing or delayed capital readiness.
- Transparency Gap: The company has not provided a clear update on revised fundraising timelines or whether the remaining investors will contribute.
Share price movement of Apollo Green Energy
The share price chart of Apollo Green Energy from August 2024 to August 2025 shows a clear downward trend, reflecting growing investor caution.
Apollo Green Energy’s unlisted share currently trades around ₹125, with a 52‑week high of ₹500 and a 52‑week low of ₹125, reflecting a steep fall of over 75% from its peak. (Check Here)
Financial Snapshot
- Revenue: ₹1,171 Cr in FY24 vs ₹289 Cr in FY21 (~59% CAGR), driven by renewable project expansion.
- PAT: ₹38.6 Cr in FY24, up 112% YoY, reflecting stronger operational efficiency.
- EPS: ₹20.0 in FY24, though future dilution may impact unlisted valuations.
- Order Book: ₹3,500 Cr with a project pipeline targeting ₹10,000 Cr by 2025.
This impressive growth drove initial enthusiasm, but dilution without delivery now dominates sentiment.
Impact On Investors
- Credibility Risk: The gap between plan and execution raises questions on governance and capital strategy.
- Execution Risk: Without real inflows, expansion timelines and PSU bids could slip.
- Valuation Pressure: A ₹300 issue price vs. ₹180 market price reflects dilution fears and limited demand.
Conclusion
Apollo Green Energy’s fundraising story reflects a gap between its bold ₹4,110 Cr ambition and the ₹78 Cr raised. The unlisted share price has plunged from its highs, signalling eroding investor confidence and market scepticism about the company’s execution capabilities.
To rebuild trust, AGEL needs to secure institutional participation, improve communication with investors, and show tangible progress on project execution. Until these steps are taken, the company’s grand vision may continue to outpace its market valuation.
