Adani Power Board Approves $578 Mln Fundraising Via Share Sale
The board also enhances the previously approved fundraising limit via non-convertible debentures to 11,000 crore rupees from 5,000 crore rupees
(The Corner Office Journal) -- Adani Power Ltd. said its board approved raising as much as 5,000 crore rupees ($578 million) via the issuance of shares or any other eligible securities.
The company plans to raise the funds through permissible modes, including a qualified institutional placement, the Indian power producer said in a stock exchange announcement.
The fundraising will be subject to approval of shareholders and other regulatory authorities.
Adani Power also said it board enhanced the previously approved fundraising limit via non-convertible debentures to 11,000 crore rupees from 5,000 crore rupees.
The funds will be raised through public issue or private placement in one or more tranches.
Note: $1 = 86.5471 Indian rupees
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