Adani Transmission Board does not approve fund raising above ₹8,500 crore

Notifying the stock exchange of the Indian Stock Exchange about raising funds by way of fresh equity issue, 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 (“Board”) at its meeting held today i.e. May 13, 2023 at 12 noon: 00 a.m. and ends at 12.45 p.m., has, inter alia, approved the raising of funds by issue of such number of Equity Shares of face value 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 of 8,500 Crore (Rupees Eight Thousand Five Hundred Crore Only) or an amount equivalent thereto by way of Qualified Institutional Placement (“QIP”) or other permissible mode, subject to receipt of necessary approvals including approval in accordance with applicable laws, by the members of the Company and other regulatory/ regulatory authorities. Statutory approval, as may be required.”

However, Adani Transmission Limited will seek the approval of the shareholders for the aforesaid issue and ancillary actions through postal ballot process.

Adani Transmission share price shot up on May 11, 2023 after the Adani group company informed BSE And NSE that the company’s board will discuss and approve the fund raising plan in its upcoming board of directors meeting to be held on May 13, 2023. However, in the past week, Adani Transmission share price has declined by over six per cent.