Indian billionaire Gautam Adani’s Adani Energy Solutions is set to raise as much as Rs 12,500 crore ($1.5 billion), according to a disclosure on Monday.

The power utility firm has obtained approval from the board of directors to raise the funds through the issuance of various instruments, the bourse filing said.

The type of securities proposed to be issued in one or more tranches are equity shares and convertibles.

The fundraising is subject to approvals of the company’s shareholders, which are scheduled to meet next month, and other regulatory authorities.

The latest development indicates that Adani is going ahead with plans to boost capital spending.

The board of the holding company, Adani Enterprises, is set to meet next week to take up fundraising plans, according to Bloomberg. The companies previously secured approvals last year to raise $2.6 billion. The approvals were set to expire next month.

(Writing by Cleofe Maceda; editing by Seban Scaria)