Mumbai: Adani Energy Solutions Ltd (AESL) announced on Monday, May 27, that its board has approved a plan to raise funds not exceeding Rs 12,500 crore through Qualified Institutional Placement (QIP) or other permissible methods in accordance with applicable laws, to be executed in one or more tranches.
In a regulatory filing, the company stated that the fundraising initiative is contingent upon obtaining necessary approvals, including the consent of the company’s members at the upcoming Annual General Meeting scheduled for Tuesday, June 25, 2024, along with other requisite regulatory and statutory approvals.
The board has authorized the issuance of equity shares with a face value of Rs 10 each or other eligible securities, or a combination thereof (Securities), to facilitate the fundraising.
On Monday, Adani Energy Solutions’ stock closed nearly flat at Rs 1,104.70 per share. The previous week, AESL announced the acquisition of a 100% stake in Essar Transco Ltd for Rs 1,900 crore. This acquisition includes a fully operational 400 kV, 673 ckt km (circuit kilometers) inter-state transmission line connecting Mahan in Madhya Pradesh to the Sipat pooling substation in Chhattisgarh.
This acquisition increases AESL’s cumulative network to over 21,000 ckt km.
AESL is the largest private transmission company in India, operating across 17 states with a transformation capacity of 57,011 MVA. For the fiscal year ending March 31, AESL reported operational revenue of Rs 14,217 crore, a 17% increase year-on-year, and a comparable profit after tax (PAT) of Rs 1,197 crore, reflecting a 12% increase.
