Adani Energy Solutions board approves raising Rs 12,500 crore through QIP
May 27, 2024
Mumbai (Maharashtra) [India], May 27 : The Board of Directors of Adani Energy Solutions (AESL) has approved raising Rs 12,500 crore by issuing a number of equity shares having face value of Rs 10 each. Adani Energy Solutions informed this through an exchange filing on Monday.
"At its meeting held on May 27, 2024, which commenced at 2.30 p.m. and concluded at 4.00 p.m. it has approved raising of funds by way of issuance of such number of equity shares having face value of Rs10 each of the Company ("Equity Shares") and / or other eligible securities or any combination thereof (hereinafter referred to as "Securities"), 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 accordance with the applicable laws, in one or more tranches," said the release.
The exchange filing adds that the proposal to raise funds is subject to the receipt of the necessary approvals, including the approval of the members of the Company at the ensuing Annual General Meeting of the Company scheduled to be held on Tuesday, 25th June, 2024 and such other regulatory / statutory approvals, as may be required.
Adani Energy Solutions Limited (AESL) is one of the largest private sector power transmission companies of India. AESL has a target to set up 30,000 circuit kilometres of transmission lines by 2030.
The distribution arm of AESL, Adani Electricity Mumbai Limited is India's largest private sector power distribution utility, distributing electricity in Mumbai. Adani Electricity meets close to 2,000 MW of power demand in Mumbai. The company has plans to expand its services to a larger geography of India.
AESL has also forayed into smart metering business to achieve the operational and financial efficiencies needed for distribution companies. The company by leveraging its distribution expertise of Mumbai and Mundra, plans to become an integrated solution platform from a service provider.
