The board of Adani Power Ltd (APL) on Monday approved a proposal to raise ₹5,000 crore through a qualified institutional placement (QIP).
The board also approved the enhancement and combination of the previously approved fund-raising limit by way of nonconvertible debentures (NCDs) to ₹11,000 crore from ₹5,000 crore, which are to be raised through public issue or private placement, or a mix thereof, and which may be issued in one or more tranches.
On October 28, the board had approved the limit of ₹5,000cr for NCDs.
During the quarter ended December 31, 2024, Adani Power saw its net profit rising 7.38 per cent to ₹2,940.07 crore compared with ₹2,737.96 crore in the year-ago period. Its revenue from operations jumped 5.2 per cent to ₹13,671.18 crore from ₹ 12,991.44 crore on a year-on-year basis.
"Adani Power is well on its way to achieve its generation capacity target of 30+ GW (gigawatt) by 2030, with rapid progress in underconstruction projects, secure supply chain, and successful bids for long term PPA tie-ups,” S B Khyalia, CEO, Adani Power said.
“We are well-positioned to benefit from the attractive opportunities in the Indian thermal power sector and to support its steadily growing power demand,’’ Khyalia said.
The better than expected results and its fund raising plan announcement led to the shares of APL gaining 5.08 per cent to ₹522.35 on the BSE.
Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India.
The company has an installed thermal power capacity of 17,510mw spread across 11 plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40MW solar power plant in Gujarat.
Meanwhile, Adani Power said it responded to all the notices sent by India’s market regulator in the previous quarters related to the allegedly incorrectly categorising certain entities’ shareholding, reports Reuters.
It said the Adani Group’s independent review found no non-compliance or irregularities and that there were no pending regulatory or adjudication proceedings, except the market regulator’s notices.
