New Delhi: The board of Adani Energy Solutions on Monday approved a proposal to raise up to Rs 12,500 crore by issuing equity shares on qualified institutional placement basis or through other means.
According to the regulatory filing, the company will seek shareholders' approval at the upcoming annual general meeting to be held on June 25, 2024.
The Board of Directors has approved raising funds by issuing equity shares of face value of Rs 10 each and/or other eligible securities or any combination thereof, the aggregate amount not exceeding Rs 12,500 crore. eligible institutional placement or other permitted mode as per applicable laws, in one or more tranches, the filing said.
It is expected that the company will use this amount for expansion and increasing its portfolio.
AESL had earlier said it is exploring multiple areas and has applied for parallel distribution licenses in multiple geographies such as Navi Mumbai in Maharashtra, Greater Noida (Gautam Buddha Nagar) in Uttar Pradesh, and Mundra Upazila in Gujarat .
The company is also growing its smart metering business with the aim of becoming India's leading smart metering integrator with an order book of over 22 million meters.
On May 16, AESL acquired the entire stake in Essar Transco Ltd after receiving requisite regulatory and other approvals for an enterprise value of Rs 1,900 crore. The share acquisition is as per definitive agreements signed in June, 2022.
Part of the Adani Group, Adani Energy Solutions Limited (AESL) is India's largest private transmission and distribution company, with a presence in 17 states of India and a cumulative transmission network of 21,182 CKM and 57,011 MV transformation capacity.
On Monday, the company's shares closed at Rs 1,104, down 0.17 per cent, on the BSE.
According to the regulatory filing, the company will seek shareholders' approval at the upcoming annual general meeting to be held on June 25, 2024.
The Board of Directors has approved raising funds by issuing equity shares of face value of Rs 10 each and/or other eligible securities or any combination thereof, the aggregate amount not exceeding Rs 12,500 crore. eligible institutional placement or other permitted mode as per applicable laws, in one or more tranches, the filing said.
It is expected that the company will use this amount for expansion and increasing its portfolio.
AESL had earlier said it is exploring multiple areas and has applied for parallel distribution licenses in multiple geographies such as Navi Mumbai in Maharashtra, Greater Noida (Gautam Buddha Nagar) in Uttar Pradesh, and Mundra Upazila in Gujarat .
The company is also growing its smart metering business with the aim of becoming India's leading smart metering integrator with an order book of over 22 million meters.
On May 16, AESL acquired the entire stake in Essar Transco Ltd after receiving requisite regulatory and other approvals for an enterprise value of Rs 1,900 crore. The share acquisition is as per definitive agreements signed in June, 2022.
Part of the Adani Group, Adani Energy Solutions Limited (AESL) is India's largest private transmission and distribution company, with a presence in 17 states of India and a cumulative transmission network of 21,182 CKM and 57,011 MV transformation capacity.
On Monday, the company's shares closed at Rs 1,104, down 0.17 per cent, on the BSE.