Adani Transmission gets shareholders' approval to raise up to Rs 2,500 cr

Adani Transmission has got shareholders' nod to raise up to Rs 2,500 crore in one or more tranches through issuance of equity shares, securities according to a regulatory filing by the company

Adani Transmission has got shareholders' nod to raise up to Rs 2,500 crore in one or more tranches through the issuance of equity shares, securities and debentures, according to a regulatory filing by the company.

The proposal to raise up to Rs 2,500 crore by issuance of equity shares, securities, debentures, etc, was passed by requisite majority in the annual general meeting (AGM) held on Tuesday, according to the BSE filing.

The company had proposed to have the flexibility to infuse additional capital, to tap the capital markets and to raise additional long-term resources, if necessary. This was aimed at sustaining rapid growth in the business, expanding business, and improving the financial leveraging strength of the company.

According to the AGM notice, the proposed resolution had sought the enabling authorisation of the members to the board of directors to raise funds to the extent of Rs 2,500 crore or its equivalent.

The fundraising proposal is for "any one or more currencies, in one or more tranches, in such form, on such terms, in such manner, at such price and at such time as may be considered appropriate by the Board (inclusive at such premium as may be determined)", it added.

As per the resolution, the board may raise the money through various instruments.