 "Adani Energy Solutions board approves fundraising of up to Rs 12,500 crore")
Adani Energy Solutions said on Monday that its board has approved a fundraise of up to Rs 12,500 crore ($1.50 billion). The company will raise funds via the issuance of shares or other securities by way of qualified institutional placements or through any other permissible mode, it added.
The power distribution company, in a notice to BSE last week, said its board will meet on Monday to consider and approve the fundraise proposal. It has not specified the reason for the fundraise and the price at which the securities are expected to be issued.
The power distribution company, in a notice to BSE last week, said its board will meet on Monday to consider and approve the fundraise proposal. It has not specified the reason for the fundraise and the price at which the securities are expected to be issued.
The Adani Group's flagship firm Adani Enterprises will also go for fundraise on Tuesday.
In a separate notice, Adani Enterprises last week also announced that the company’s board of directors will meet on Tuesday to consider and approve the proposal of raising funds by way of equity shares or any other eligible securities.
The shares of Adani Energy Solutions Ltd ended marginally lower at Rs 1,104.05 on Monday.
Adani Enterprises' shares recovered to pre-Hindenburg levels during intraday trade on Friday, the fourth group company stock to do so. The shares, however, ended 4.4 per cent below the pre-Hindeburg level on Monday, while Adani Energy is 60 per cent down compared with the Jan. 24, 2023 level.