Adani Transmission receives shareholder approval for Rs 8,500 Cr fundraising

Adani Transmission receives shareholder approval for Rs 8,500 Cr fundraising

Adani Transmission Receives Shareholder Approval for Rs 8,500 Cr Fundraising

Adani Transmission has obtained the consent of its shareholders to raise ₹8,500 crore through the issuance of equity shares via a qualified institutional placement, as reported by PTI on Monday. The company revealed that 98.64% of shareholders voted in favor of the resolution, granting permission to raise the funds. The capital raised will be allocated towards the company’s growth and expansion plans.

The proposal received approval from Adani Transmission’s board on May 13, following which the company sought shareholders’ approval through a postal ballot on May 15.

“In accordance with the report provided by CS Chirag Shah, Scrutinizer, I hereby announce the result of the postal ballot voting process for the aforementioned proposal, which is attached herewith. With 98.64% of votes in favor of the resolution, I declare the resolution passed as a Special Resolution, as stated in the notice dated May 13, 2023, with the required majority,” stated Adani Transmission in a press release.

Adani Transmission previously expressed its anticipation of favorable prospects in its ongoing ventures and continues to evaluate various avenues to achieve expansion, both organically and through inorganic means. To fulfill these objectives, the company requires additional capital to facilitate the desired growth and expansion.

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The announcement coincides with an increase in the shares of Adani Transmission on Monday, driven by positive reports on its Mumbai power project. However, all other stocks of Adani Enterprises were trading in the red today.

Adani Group has been witnessing a recovery from the significant fluctuations it experienced following the Hindenburg report.

About Adani Transmission:

Adani Transmission Ltd, with its headquarters in Ahmedabad, is a prominent electric power transmission company in India. Presently, it holds the position as one of the largest private sector power transmission companies in the country.

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