live bse livense live Volume Todays L/H More ×Adani Energy Solutions said on May 27 that its board has approved a fundraise of up to Rs 12,500 crore through Qualified Institutional Placement (QIP) or other permissible mode in accordance with the applicable laws, in one or more tranches.
The power distribution company has not specified the reason for the fundraise and the price at which the securities will be issued.
Story continues below Advertisement Remove AdOn a standalone basis, Adani Energy's total borrowings stood at Rs 5,165 crore at the end of fiscal year 2024, almost twice that of the previous year.
On May 27, Adani Energy Solutions' shares closed trading nearly flat at Rs 1,104.70 apiece.
Meanwhile, the board of Adani Enterprises will meet on Tuesday (May 28) to approve a fundraising plan.
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Adani Energy Solutions said on May 27 that its board has approved a fundraise of up to Rs 12,500 crore through Qualified Institutional Placement (QIP) or other permissible mode in accordance with the applicable laws, in one or more tranches.
The power distribution company has not specified the reason for the fundraise and the price at which the securities will be issued.
Story continues below Advertisement Remove Ad
On a standalone basis, Adani Energy's total borrowings stood at Rs 5,165 crore at the end of fiscal year 2024, almost twice that of the previous year.
On May 27, Adani Energy Solutions' shares closed trading nearly flat at Rs 1,104.70 apiece.
“We wish to inform you that the Board of Directors of the Company… has approved raising of funds… for an aggregate amount not exceeding Rs 12,500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (“QIP”) or other permissible mode in accordance with the applicable laws, in one or more tranches,” said Adani Energy Solutions in a stock exchange filing.
“… subject to the receipt of the necessary approvals including the approval of the members of the Company at the ensuing Annual General Meeting of the Company scheduled to be held on Tuesday, 25th June, 2024 and such other regulatory / statutory approvals, as may be required,” it added.
Meanwhile, the board of Adani Enterprises will meet on Tuesday (May 28) to approve a fundraising plan.
The ports-to-power conglomerate, which has raised almost $6 billion from marquee investors including Rajiv Jain’s GQG Partners LLC, Qatar Investment Authority and TotalEnergies SE since January 2023, is back to aggressively expanding its businesses. A scathing short-seller attack by Hindenburg Research early last year had forced the conglomerate to rein in debt and go-slow on its rapid growth spree, after a stock rout wiped out more than $150 billion in market value.
