Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, plans to raise up to Rs 12,500 crore through qualified institutional placement (QIP) or other approved methods. The company announced this in a regulatory filing on Monday.
The company’s Board of Directors has approved the plan to raise funds by issuing equity shares with a face value of Rs 10 each, totaling up to Rs 12,500 crore. This can be done through QIP or other permitted modes, in one or more stages. However, this plan needs approval from the company’s members at the upcoming Annual General Meeting on June 25, 2024.
A QIP is a way for a company to raise money by selling shares to institutional investors.
Adani Energy Solutions will seek shareholder approval for this fundraising at the Annual General Meeting on June 25, 2024. This fundraising effort may attract international investors. On the day of the announcement, shares of Adani Energy closed at Rs 1,104.00 on the BSE, down 0.17%. The broader Sensex index remained nearly unchanged. The announcement was made after market hours.
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