Adani Energy Solutions will raise Rs 12,500 crore, know what it will do with this fund
Adani Energy Solutions Limited (AESL) said its board has approved raising funds in excess of Rs 12,500 crore in one or more tranches through Qualified Institutional Placement (QIP) or other permissible modes as per applicable laws. “The fund raising is subject to the receipt of necessary approvals including the approval of the members of the company at the upcoming Annual General Meeting of the Company to be held on Tuesday, June 25, 2024 and such other regulatory/statutory approvals as may be necessary,” the company said in a regulatory filing. Can.” However, the power distribution company has not given the reason for the fund raising.
Approval to raise funds through QIP
The Board approved raising funds by issuing equity shares or other eligible securities of face value Rs 10 each of the company or any combination thereof (securities). Adani Energy Solutions stock closed almost flat at Rs 1,104.70. Adani Energy Solutions last week announced that it has acquired 100 per cent stake in Essar Transco Ltd for Rs 1,900 crore. The acquisition includes a fully operational 400 kV, 673 skt km (circuit kilometre) inter-state transmission line connecting Mahan in Madhya Pradesh to Sipat Pooling substation in Chhattisgarh. This acquisition takes AESL’s cumulative network to over 21,000 kt km.
Largest private transmission company
AESL is the country’s largest private transmission company, with presence in 17 states and 57,011 MVA transformation capacity. The company earned operating revenue of Rs 14,217 crore for the year ended March 31, up 17 per cent (year-on-year). Comparable profit after tax (PAT) grew by 12 per cent at Rs 1,197 crore.
