Adani Transmission Seeks Shareholders' Approval To Raise Up To Rs 8,500 Crore

Adani Transmission has asked shareholders for permission to issue equity shares on a qualified institutional placement basis in order to raise up to Rs 8,500 crore.

According to a BSE statement, the business has requested approval from shareholders via postal vote to issue equity shares and/or other qualifying instruments to eligible investors in order to fund up to Rs 8,500 crore through a qualified institutional placement.

The company's board of directors gave their approval on May 13, 2023 to the proposal of raising funds. The funds will be raised through the issuance of equity shares with a face value of Rs 10, as well as other securities that are convertible into equity shares (such as warrants) as reported by pti.

The company cited the potential for growth in its current operations and is exploring different options for both organic expansion and inorganic growth.

The business will need to continue raising money in order to achieve this growth and expansion.
If the proposed resolution is approved, it will be deemed as duly passed on the final date set for e-voting through postal ballot by the necessary majority of members, i.e. June 16, 2023, it stated.