Adani Energy Solutions Ltd on Monday 27 May announced that the Board of Directors of the company approved its plans to raise Rs 12,500 crore through Qualified institutional Placement (QIP) or other permissible mode that is in accordance with the laws, in one or more tranches. 

The power distribution company has not provided any details regarding the purpose of the fundraising or the price at which the securities will be offered.

Adani Energy’s individual borrowings amounted to Rs 5,165 crore at the conclusion of the 2024 fiscal year, which is nearly double the amount from the previous year.

In its regulatory filing, the company said, “We wish to inform you that the Board of Directors of the Company has approved raising of funds for an aggregate amount not exceeding Rs 12,500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (“QIP”) or other permissible mode in accordance with the applicable laws, in one or more tranches.”

The filing added that it is subject to all the necessary approvals, including the approval of the company’s shareholders at the upcoming Annual General Meeting, which will be held on Tuesday, 25 June.