Adani Energy Solutions (AESL) on Monday received the board’s approval to raise Rs 12,500 crore through qualified institutional placement (QIP) of shares or other avenues in one or more tranches.
Besides other regulatory approvals, the board will seek shareholders’ nod at the company’s annual general meeting on June 25. The company is yet to fix the QIP date and the price at which the securities will be issued.
The company aims to tap four to five big international investors who are keen to participate in the country’s infrastructure growth, a Bloomberg report said.
Adani Group, which has raised almost $6 billion from marquee investors like Rajiv Jain’s GQG Partners, Qatar Investment Authority and TotalEnergies since January last year, is aiming to aggressively expand its businesses.
AESL is the country’s largest private transmission company with a presence across 17 states and a cumulative transmission network of 20,509 circuit km and 57,011 MVA transformation capacity. The company’s distribution business, AEML, invested a capital expenditure of over Rs 1,334 crore and reduced its long-term debt by Rs 855 crore through a bond buyback programme during the year.
AESL’s shares on Monday ended at Rs 1104.70, about 0.18% lower than Friday’s close.
In transmission, AESL operationalised 1,244 circuit km during FY24. The under-implementation pipeline stood 22.8 million smart meters, comprising nine projects with a contract value of over Rs 27,195 crore.
AESL reported a 13.26% decline in its consolidated net profit to Rs 381.29 crore during Q4FY24 on account of increased expenses.