Adani Power gets shareholders' nod to raise up to Rs 5,000 cr

Adani Power has received shareholders' approval to raise up to Rs 5,000 crore through a mix of debt and equity to fund its expansion plans.

The proposed resolution, which sought the enabling authorisation of the members to the Board of Directors to raise funds to the extent of Rs 5,000 crores or its equivalent in any one or more currencies, in one or more tranches was passed with requisite majority in the AGM held on August 6, 2018, a BSE filing said today.

According to annual report 2017-18, the company had proposed to have flexibility to infuse additional capital, tap capital markets and raise additional long term resources, if necessary, in order to sustain growth in the business, for business expansion and improve the financial leveraging strength of the company.

Funds are planned to be raised by way of issuance of equity shares of the company and/or any instruments or securities including GDR/ADRs /convertible preference shares/ convertible debenture, non-convertible debentures and warrants etc.