Adani Power to raise up to Rs 5,000 crore via QIP, stock gains 

Adani Power Ltd on Wednesday during its Q3 earnings presentation said its board has approved raising of funds up to a maximum of Rs 5,000 crore by way of a qualified institutions placement (QIP). 

"The Board of Directors has approved the raising of funds by way of issuance of such number of equity shares having face value of Rs. 10 each of the Company and / or other eligible securities or any combination thereof (hereinafter referred to as the “Securities”), for an aggregate amount not exceeding Rs. 5,000 crores or an equivalent amount thereof by way of qualified institutions placement (“QIP”) or other permissible mode in one or more tranches and in accordance with the applicable laws, subject to the receipt of the necessary approvals including approval of the members of the Company and other regulatory / statutory approvals, as may be required," said Adani Power.

Boosted by the fund raising announcement, shares of Adani Power zoomed 6.21 per cent intra day to Rs 528 on BSE after the Q3 results were announced today. 

Later, the stock ended 5.08% higher at Rs 522.35 on BSE. 

Meanwhile, consolidated year-on-year (YoY) net profit rose 11.66% for the December 2024 quarter. Profit came at Rs 2,940 crore in Q3 compared to Rs 2737.96 crore in the year-ago period. The Adani Group company's revenue from operations rose 5.23 per cent to Rs 13,671.18 crore from Rs 12,991 crore in the corresponding period last year.

Earnings per share climbed to Rs 7.67 in the December 2024 quarter against Rs 6.61 in the December 2023 quarter. Total expenses climbed 6.20% to Rs 10,774.80 crore in Q3 against Rs 10,144.89 crore in the year ago period.