Adani Power Shares Surge on Fundraise Plan

24 Oct 2024 , 10:48 AM

Following the company’s announcement that its board will consider raising Rs 5,000 crore via non-convertible debentures (NCDs) at its next board meeting, shares of Adani Power surged 3.5% in early trading to reach their day’s high of Rs 606.70 on the BSE.

“We would like to inform you that the meeting of the Board of Directors of the Company to be held on Monday, 28th October 2024 will inter alia also consider raising funds for a total amount not exceeding Rs 5,000 cr by way of public issue and/or private placement of non-convertible debentures (NCDs), which may be issued in one or more tranches, in accordance with applicable law and subject to receipt of requisite regulatory and other approvals,” the company said in a press release on Wednesday.

During the board meeting, the company will also reveal the results of the September quarter. The electricity and energy firm recorded a 55% year-over-year (YoY) fall in consolidated net profit to Rs 3,913 crore in the quarter that ended in June 2024, compared to Rs 8,759 crore in the same quarter the previous year.

However, compared to Rs 11,005 crore in the prior year, revenue from operations grew by 36% YoY to Rs 14,956 crore during the reporting period.

Adani Power’s stock fell slightly on Wednesday, closing at Rs 583. In the past five years, the stock has given investors returns of nearly 800%, and it has risen 86% in the past year.

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