Adani Power Limited, an Adani Group company operating in the power and energy sector, has announced that its board of directors will consider raising up to Rs 5,000 crore through non-convertible debentures (NCDs). . The company informed the stock exchange through a regulatory filing on Wednesday, October 23, 2024 late evening in the stock exchange.
Adani Power plans to raise funds through public issue or private placement: In a notification to the stock market, the company said, “This fund raising plan will be discussed during the upcoming board meeting on 28 October 2024. The proposed fund may be raised through public issue or private placement, in one or more tranches.”
Adani Power said the exercise of the fund will be subject to necessary regulatory and other approvals. However, the company has not shared any further information regarding the utilization of funds or the timeline for releasing installments.
The company will also announce the results for the second quarter of the financial year 2024-25 (q2fy25) during its board meeting on October 28, 2024. In the quarter ended June 2024, the power and energy company reported a consolidated net profit of Rs 3,913 crore, a decline of 55 per cent on year-on-year basis (yoy), as against Rs 8,759 crore in the same quarter last year.
Adani Power shares rise
After the fund raising announcement, shares of Adani Power Ltd were trading at Rs 601 per share, up 2.52 per cent at 9:55 am today on BSE. The stock has gained 86 percent in the past year, and it has returned more than 800 percent to its investors over the past five years.