Adani Transmission board approved fund raise worth not exceeding ₹8,500 crore. Details here

Informing Indian stock market’s bourses about the fund raise via fresh equity issuance, Adani Transmission Ltd said, “This is with reference to our letter dated May 10, 2023. We wish to inform you that the board of directors of the Company (the “Board”), at its meeting held today, i.e. May 13, 2023, commenced at 12:00 noon and concluded at 12.45 p.m., has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of ₹10 each of the Company (“Equity Shares”) and / or other eligible securities or any combination thereof (hereinafter referred to as “Securities”), for an aggregate amount not exceeding ₹8,500 Crores (Rupees Eight Thousand Five Hundred Crores only) or an equivalent amount thereof by way of Qualified Institutional Placement (“QIP”) or other permissible mode in accordance with the applicable laws, subject to the receipt of the necessary approvals including the approval of the members of the Company and other regulatory / statutory approvals, as may be required.”

However, Adani Transmission Ltd will seek approval of the shareholders for the aforesaid issuance and ancillary actions by way of postal ballot process.

Adani Transmission share price had ascended on 11th May 2023 after the Adani group company informed BSE and NSE that the company board will discuss and approve fund raise plans in its upcoming board of directors meeting scheduled on 13th may 2023. However, in the week gone by, Adani Transmission share price has corrected more than six per cent.