Adani Energy board okays Rs 12,500-crore equity funding

The company's debt has been rising at a faster clip and on a standalone basis, its borrowings stood at Rs 5,165 crore at the end of March 2024, which is almost twice that of FY23.
Adani Energy Solutions board approves raising Rs 12,500 crore through QIP
Adani Energy Solutions board approves raising Rs 12,500 crore through QIP

Adani Energy Solutions, the largest integrated energy player in the private sector, will be hitting the capital markets with a Rs 12,500-crore QIP or other fund-raising activity.

After a board meeting, the Adani group firm said it will raise the money in one or more tranches but did not offer a timeline or at what price the shares will be sold.

“We wish to inform that the board 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 one or more tranches,” the company said in a stock exchange filing.

The company will seek shareholder approval for fund-raising at the AGM scheduled for June 25, it added.

The company's debt has been rising at a faster clip and on a standalone basis, its borrowings stood at Rs 5,165 crore at the end of March 2024, which is almost twice that of FY23.

Since the damaging Hindenberg report in January 2023, the ports-to-power conglomerate has raised close to $6 billion from investors including Rajiv Jain's GQG Partners, Qatar Investment Authority and Total Energies. It is back again to the capital market for funds.

Meanwhile, the group flagship Adani Enterprises also said its board will meet on Tuesday to approve a fund-raising plan.

A section of the media reported sources saying that the company is looking to mop up $3.5-4 billion in fresh funds.

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