Adani Transmission seeks shareholders' nod to raise up to Rs 8,500 crore

New Delhi: Adani Transmission has sought shareholders' approval to raise up to Rs 8,500 crore through issuance of equity shares on qualified institutional placement basis.

The company 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 BSE 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).

The company 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.