Adani Energy gets board approval to raise Rs 12,500 crore from capital market

The company will seek shareholder approval for fund-raising at the AGM scheduled for June 25, it added.
After a board meeting, the Adani group firm said it will raise the money in one or more tranches but did not offer a time-line or at what price the shares will be sold.
After a board meeting, the Adani group firm said it will raise the money in one or more tranches but did not offer a time-line or at what price the shares will be sold.

NEW DELHI: 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 time-line 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 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, is back again to the capital market as for funds.

Meanwhile, the group flagship, Adani Enterprises also said its board will meet on Tuesday to approve fund raising plan. A section of the media reported quoting sources that the company is looking to mop up $3.5-4 billion in fresh funds.

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