Adani Energy Solutions seeks shareholders' nod to raise Rs 12,500 Cr via equity shares
The company is expected to utilise the proceeds for expansion and to increase its portfolio.
Adani Energy Solutions will seek shareholders' approval to raise Rs 12,500 crore in its annual general meeting on June 25.
The company is looking to raise funds by way of qualified institutions placement (QIP) to eligible investors through issuance of equity shares and/or other eligible securities.
The board of Adani Energy Solutions on Monday approved the proposal to raise up to Rs 12,500 crore through issue of equity shares on QIP basis or other modes.
According to the notice for the AGM, the company will seek the approval of the shareholders at the ensuing annual general meeting scheduled to be held on June 25, 2024.
The company will also seeks shareholders' approval of a resolution to appoint a director in place of Gautam Adani, who retires by rotation and being eligible offers himself for re-appointment.
The board of directors had approved the raising of funds by way of issuance of such number of equity shares having a face value of Rs 10 each and/or other eligible securities or any combination thereof, for an aggregate amount not exceeding Rs 12,500 crore by way of qualified institutional placement or other permissible mode in accordance with the applicable laws, in one or more tranches.
The company is expected to utilise the proceeds for expansion and to increase its portfolio.
The AESL had earlier said it is exploring several areas and has applied for parallel distribution licence in several geographies like Navi Mumbai in Maharashtra, Greater Noida (Gautam Buddha Nagar) in Uttar Pradesh, and Mundra sub-district in Gujarat.
The company is also ramping up its smart metering business with an aim to become India's leading smart metering integrator with an order book of over 22.8 million meters.
On May 16, AESL acquired the entire stake in Essar Transco Ltd after obtaining requisite regulatory and other approvals for an enterprise value of Rs 1,900 crore.
The share acquisition is pursuant to definitive agreements signed in June 2022. Part of Adani Group, Adani Energy Solutions Ltd (AESL) is India's largest private transmission and distribution company having presence across 17 states of India and a cumulative transmission network of 21,182 ckm and 57,011 MVA transformation capacity.
Shares of the company ended 0.16% down at Rs 1,087 apiece on the BSE on Wednesday.
Edited by Affirunisa Kankudti
