The board of Adani Energy Solutions (AESL) on Monday approved a proposal to raise up to ₹12,500 crore.
The transmission firm from the Gautam Adani group said in a regulatory filing that it will mobilise the funds through qualified institutional placement (QIP) of equity shares or other modes in one or more tranches.
It will seek shareholders’ nod at the annual general meeting, which is scheduled on June 25. AESL did not disclose the objectives behind raising the funds.
At a recent earnings call, the management said projects worth ₹17,000 crore are under construction, which are on track to get completed during the next financial year.
Besides, bidding for ₹1.1 lakh crore of pipelines is expected to come up in the current and next fiscal year.
Kunjal Mehta, CFO of the company, said the pipeline bids will include high voltage direct current (HVDC) lines.
“We believe that in the next three months, all these projects will get started for bidding. I think post the elections; all these bids would open,” he said.
“This used to be around ₹40,000 crore to ₹50,000 crore about a year back or probably even less than that. But now things would start moving much faster and we would see more projects coming up into the pipeline.’’
AESL has applied for parallel distribution licences in several geographies such as Navi Mumbai, Greater Noida and Mundra subdistrict.
The company is also ramping up its smart metering business to become India’s leading smart metering integrator with an order book of over 22.8 million meters.
On May 16, AESL acquired the entire stake in Essar Transco Limited after obtaining requisite regulatory and other approvals for an enterprise value of ₹1,900 crore. The share acquisition is pursuant to definitive agreements signed in June 2022.
AESL had posted a consolidated net profit of ₹381 crore for the fourth quarter ended March 31, 2024, which was 13.3 per cent lower than ₹440 crore in the corresponding period of the previous fiscal.
Revenues showed a rise of over 17 per cent to ₹3,560 crore from ₹3,031 crore in the year-ago period.
The AESL share on Monday closed lower by 0.17 per cent at ₹1,104 on the BSE.
Part of Adani Group, Adani Energy Solutions Ltd is India’s largest private transmission and distribution company having a presence across 17 states of India and a cumulative transmission network of 21,182 ckm and 57,011 MVA transformation capacity.
Meanwhile, shares of Adani Ports and Special Economic Zone (APSEZ) on Monday climbed nearly 3 per cent to hit the 52-week high level as the company will replace Wipro in the 30-share Sensex from June 24.
