Adani Transmission receives approval from shareholders to fund up to Rs 8,500 billion

Adani Transmission has received the consent of its shareholders to issue equity shares on a qualified institutional placement basis in order to fund up to Rs 8,500 crore.

The business has requested permission from shareholders by postal vote to issue equity shares and/or other qualifying instruments to eligible investors on May 15, 2023, in order to fund up to Rs 8,500 crore via a qualified institutional placement.

The resolution received 98.64% of the vote, according to the company’s BSE report.

At a meeting on May 13, 2023, the company’s board had given the idea its approval.

Adani Transmission has previously said that it expects growth prospects in its current operations and continues to assess different options for attaining inorganic growth as well as organic development.

The business will need to continue raising money in order to achieve this development and expansion.