Adani Energy Solutions to raise up to Rs 12,500 crore via QIP or other permissible mode
Adani Energy Solutions said on Monday that its board has approved a fundraise of up to Rs 12,500 crore through Qualified Institutional Placement (QIP) or any other permissible route.
In its filing to the exchanges, the company said that the fundraising exercise will be subject to the receipt of the necessary approvals at the ensuing Annual General Meeting (AGM) scheduled on June 25, 2024.
On Monday, shares of Adani Energy Solutions ended nearly flat at Rs 1,104.70 apiece.
Adani Energy Solutions shares ended at Rs 1,104.70 on the NSE, down by Rs 2 or 0.18% from Friday's closing price.
Adani Energy Solutions had earlier reported a 13.26% decline in its consolidated net profit at Rs 381.29 crore during January-March 2024 on account of increased expenses. Its net profit after tax was at Rs 439.60 crore in the January-March period of the preceding 2022-23 financial year, news agency PTI reported citing the company filing.
For the whole financial year (FY24), the company's net profit stood at Rs 1,195.61 crore, down from Rs 1,280.60 crore registered in FY23, the PTI report said.
During the fourth quarter, the company's total income surged to Rs 4,855.18 crore from Rs 3,494.84 crore a year ago.
The company's income was Rs 17,218.31 crore in FY24 against Rs 13,840.46 crore in FY23. The expenses stood at Rs 4,358.83 crore in the period under review, as against Rs 3,200.50 crore in the year-ago period.
In FY24, the expenses rose to Rs 14,978.74 crore from Rs 13,164.32 crore in the preceding financial year.
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