Adani Power may raise funds via preferential issue

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New Delhi | Published: October 31, 2015 9:27:24 PM

Adani Power Ltd is considering raising funds through issuance of shares on preferential basis to promoters.

Adani Power Ltd is considering raising funds through issuance of shares on preferential basis to promoters.

“It is proposed to consider the issue of equity shares on preferential basis to promoter and promoter group by the board of directors of the company at its meeting scheduled to be held on November 3, 2015,” Adani Power said in a regulatory filing.

Adani Power had earlier received shareholders’ approval to raise up to Rs 10,000 crore through issuance of shares, bonds or other securities, including for investments in various businesses.

“Members have approved offer or invitation to subscribe to securities for an amount not exceeding Rs 10,000 crore,” Adani Power Ltd had said.

The proposal was approved by the shareholders at an Annual General Meeting of the company.

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