Adani Transmission has been granted authorization by its shareholders to secure funds amounting to Rs 8,500 crore by issuing equity shares through a qualified institutional placement (QIP).
Through a postal ballot conducted on May 15, 2023, the company sought shareholders’ approval to raise funds via qualified institutional placement by issuing equity shares and/or other eligible securities to eligible investors. According to the BSE filing, the resolution received overwhelming support, with 98.64% of votes cast in favour.
The company’s board had previously approved the proposal during a meeting held on May 13, 2023.
Adani Transmission has expressed its anticipation of growth opportunities in its current operations and remains committed to exploring avenues for both organic expansion and inorganic growth. To achieve such growth and expansion, the company requires capital, and this approval will assist in fulfilling those requirements.