Adani Energy Solutions approves fundraise of up to Rs 12,500 crore

Adani Energy Solutions announced on Monday that its board has approved a fundraise of up to Rs 12,500 crore ($1.50 billion). The company plans to raise the funds through the issuance of shares or other securities via qualified institutional placements or other permissible modes.

Last week, the company notified the BSE that its board would meet on Monday to consider the fundraise proposal. However, the company has not specified the reason for the fundraise or the price at which the securities will be issued.

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Earlier, Adani Enterprises, the flagship firm of the Adani Group, will also consider a fundraise on Tuesday. The company’s board of directors will meet to discuss raising funds through equity shares or other eligible securities.

Shares of Adani Energy Solutions ended marginally lower at Rs 1,104.05 on Monday.