Billionaire Gautham Adan’s grop entity Adani Transmission has sought shareholders' approval to raise up to Rs 8,500 crore through issuance of equity shares on qualified institutional placement basis.
Adani Transmission has sought shareholders' approval through postal ballot to raise up to Rs 8,500 crore by way of qualified institutional placement through issuance of equity shares and/or other eligible securities to eligible investors, a Bombay Stock Exchange statement showed. The board of directors of the company at its meeting held on May 13, 2023 approved the proposal of raising funds by way of issuance of equity shares of face value Rs 10 and/or other securities convertible into equity shares (including warrants, or otherwise).
Adani Transmission explained that it anticipates growth opportunities in its existing operations and continues to evaluate various avenues for organic expansion and achieving inorganic growth. Towards this, the company continues to require capital for achieving such growth and expansion. The proposed resolution, if approved, will be taken as having duly passed on the last date specified for e-voting by the requisite majority of members by means of postal ballot, i.e. Friday, June 16, 2023, it stated.
Adani Transmission Limited is a company that operates in the power transmission sector. It is a part of the Adani Group, one of India's largest business conglomerates. Adani Transmission is involved in the transmission, distribution, and trading of electricity across various regions in India.
The company engages in the construction and maintenance of transmission lines, substations, and other related infrastructure to facilitate the transmission of electricity from power generation sources to distribution networks. Adani Transmission has a presence in both the private and public sectors and has been actively involved in the development of power transmission projects in India.
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