Adani Energy Solutions to raise up to Rs 12,500 crore through QIP of shares

28 May 2024 , 11:47 AM

Adani Energy Solutions Ltd, formerly Adani Transmission Ltd, plans to raise up to ₹12,500 Crore through a qualified institutional placement (QIP) or another permitted mode, according to a regulatory filing on Monday.

This will be subject to necessary permissions, including the approval of the company’s members at the upcoming Annual General Meeting on Tuesday, June 25, 2024, the exchange filing stated.

A QIP is a fundraising strategy in which a company generates capital by issuing shares to qualified institutional bidders.

The firm stated that it will seek shareholder approval for the funding at its Annual General Meeting on June 25, 2024. International investors may take part in the fundraising efforts.

Adani Energy Solutions Ltd, originally Adani Transmission Ltd, is an electric power transmission firm based in Ahmedabad. Currently, it is one of the largest private sector power transmission firms in India.

During a recent earnings call, management reported that projects worth ₹17,000 Crore are now under construction and expected to be completed within the next fiscal year.

Bidding for pipelines worth ₹1.1 lakh Crore is expected during the current and next fiscal year.

Kunjal Mehta, the company’s CFO, stated that the pipeline bids will comprise high voltage direct current (HVDC) lines.

About a year ago, it was estimated to be between ₹40,000 Crore and ₹50,000 Crore, or even lower. However, things would now begin to move considerably faster, with additional projects pouring into the pipeline.

At around 11.43 AM, Adani Energy Solutions was trading 0.29% lower at ₹1,101.15 per piece, against the previous close of ₹1,104.35 on NSE. The counter touched an intraday high and low of ₹1,134, and ₹1,094, respectively.

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