Adani Power Schemes Board Approves Up To Rs 12.500 Crore Financing

Adani Energy Solutions announced on Monday that its board of directors has approved a fundraise of up to Rs 12,500 crore ($1.50 billion). The company would raise capital by the offering of shares or additional securities by way of qualified institutional placements or through any other lawful mode, it added. The power distribution firm informed the BSE last week that its board will meet on Monday to evaluate and approve the financing request. It has not disclosed why the funds are being raised or at what price the securities are expected to be issued. Adani Enterprises, the Adani Group's flagship company, will also hold a fundraiser on Tuesday. In a separate announcement last week, Adani Enterprises stated that the company's board of directors will meet on Tuesday to review and accept the plan to raise funds through equity shares or other appropriate securities. Adani Energy Solutions Ltd's shares fell marginally to Rs 1,104.05 on Monday. Adani Enterprises shares recovered to pre-