Adani Energy Solutions Ltd has announced plans to raise funds up to Rs 12,500 crore on Monday following the approval from its board of directors.
The company plans to carry out this fundraising through Qualified Institutional Placement (QIP) or any other allowed method.
“We wish to inform you that the Board of directors of the company has approved raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each 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,” said the company in a BSE filing.
According to a statement filed by the company to the exchanges, the proposed funds will be raised by issuing equity shares with a face value of Rs 10 each.
The total amount sought is not to exceed Rs 12,500 crore, or an equivalent sum, through one or more tranches via QIP or other permissible means.
However, the execution of this plan is subject to several approvals, including the nod from the company’s shareholders during the scheduled AGM on June 25, 2024.
The official announcement was made post-market hours today. Adani Energy’s shares closed marginally lower at Rs 1,104.05, marking a decline of 0.17% in the trading session.