Adani Power shares in news as board to consider raising of funds this week

Shares of Adani Power Ltd are in news today after the Adani Group firm said its board would consider raising of funds on January 29. The company plans to raise funds via non-convertible debentures and by issuing equity shares. 

On Friday, the Adani Group stock ended 1.27% lower at Rs 514.90 against the previous close of Rs 521.50 on BSE. Market cap of Adani Power fell to Rs 1.98 lakh crore. A total of 3.3 lakh shares of the Adani Group firm changed hands amounting to a turnover of Rs 17.23 crore on BSE.

In terms of technicals, the Adani Group stock is trading neither in the oversold zone, signals the relative strength index (RSI) of Adani Power which stands at 47.3.

Adani Power stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. 

"We would like to inform you that the meeting of the Board of Directors of the Company to be held on Wednesday, 29th January 2025 will inter alia consider the following proposals: (i) enhancement and combination of the previously approved fund raising limit by way of non-convertible debentures ("NCDs") from Rs. 5,000 crores to Rs. 11,000 crores, which are to be raised through public issue or private placement, or a mix thereof, and which may be issued in one or more tranches, in accordance with applicable laws and subject to receipt of requisite regulatory and other approvals; in supersession of the earlier Board Meeting Resolutions dated 28th October 2024," said Adani Power. 

"Raising of funds by way of issuance equity shares or any other eligible securities (“Securities”) upto an amount of Rs. 5,000 crores through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, subject to approval of shareholders of the Company and such regulatory / statutory approvals as may be required," the firm added.