Adani Energy Solutions Ltd (AESL) on Tuesday approved a plan to raise up to ₹10,000 crore from institutional investors as the company looks to strengthen its capital base and support its expansion plans.
The board approved raising funds through a Qualified Institutional Placement (QIP) or any other permissible route, in one or more tranches, subject to shareholder and regulatory approvals, the company said in a stock exchange filing. A QIP allows listed companies to raise money by issuing shares to institutional investors such as mutual funds, insurance companies, banks and foreign portfolio investors.
EGM on July 25
To obtain shareholders’ approval, the company will hold an Extraordinary General Meeting (EGM) on July 25 through video conferencing and other audio-visual means. The fundraising will involve the issue of equity shares with a face value of ₹10 each, or other eligible securities, or a combination of both. The company said it plans to raise up to ₹10,000 crore, including any premium, while the number of securities and the issue price will be decided later in line with applicable regulations.
AESL said the capital may be raised in one or more tranches through a QIP or any other mode permitted under law. The filing did not specify the purpose for which the company intends to deploy the funds.