Adani Energy Solutions to raise up to Rs 12,500 crore. Details here

Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, on Monday said that its board has approved a fundraise of up to Rs 12,500 crore. "We wish to inform you that the Board of directors of the company has approved raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each for an aggregate amount not exceeding Rs 12,500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) or other permissible mode, in one or more tranches," the company stated in a BSE filing.

This will be subject to necessary approvals, including the approval of the company's members at the ensuing Annual General Meeting scheduled to be held on Tuesday, June 25, 2024, the exchange filing added.

The corporate announcement came after market hours today. Shares of Adani Energy settled 0.17 per cent lower at Rs 1,104.05.

The Adani Group's flagship firm Adani Enterprises will also go for fundraise on Tuesday (May 28).

Adani Ent shares recovered to pre-Hindenburg levels during intraday trade on Friday. The shares, however, ended 4.4 per cent below the pre-Hindenburg level on Monday, while Adani Energy is 60 per cent down compared with the January 24, 2023 level.

On a standalone basis, Adani Energy's total borrowings stood at Rs 5,165 crore at the end of fiscal year 2024.

Last year, US short seller Hindenburg in a report accused the group of stock manipulation and improper use of tax havens triggering a sell-off in Gautam Adani's ports-to-power conglomerate. The Indian conglomerate, on its part, termed the report as 'baseless'.