Adani Energy Solutions said that its board has approved raising of funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 12,500 crore by way of Qualified Institutional Placement (QIP).
The aforemenetioned fund raising proposal would be executed in one or more tranches and in accordance with the applicable laws, subject to the receipt of the necessary approvals.
The announcement was made after market hours yesterday.
Adani Energy Solutions (formerly known as Adani Transmission (ATL)) is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. It is the country's largest private transmission company holding an operational portfolio of 28 projects and under implementation portfolio of nine transmission and nine smart meter projects with a cumulative transmission network of more than 20,509 circuit km (ckm).
The company's consolidated net profit declined 13.3% to Rs 381.29 crore in Q4 FY24 as compared with Rs 439.60 crore in Q4 FY23. Revenue jumped 17.4% YoY to Rs 3560 crore in Q4 FY24.
The scrip fell 1.37% to currently trade at Rs 1088.90 on the BSE.
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