Adani Transmission Gets Shareholders Nod To Raise Rs 8,500 Cr

Adani Transmission has secured approval from shareholders to raise Rs 8,500 crore through the issuing of equity shares on a qualified institutional placement basis. 

As per media reports, the company has informed that 98.64 per cent of shareholders approved the resolution, enabling it to raise the necessary funds. The money raised will go towards the company’s targeted growth and expansion.

The proposal got approval from the board of Adani Transmission on 13 May after which on 15 May, the company sought shareholders’ approval through postal ballot.

In an official statement issued, Adani Transmission said, “On the basis of the report received from CS Chirag Shah, Scrutinizer, I hereby declare the result of the postal ballot voting process for the above-mentioned proposal as annexed herewith. Since, 98.64%, votes are polled in favour of the said Resolution, I hereby declare the resolution carried as a Special Resolution as mentioned in the notice dated 13th May, 2023 with requisite majority.”

Adani Transmission had stated that it expected to see favourable prospects in its ongoing endeavours and continues to evaluate various avenues for growth using both organic and inorganic techniques. The business still needs funds to enable the needed growth and expansion in order to achieve these goals.