Adani Power to seek shareholders nod to raise Rs 2,500 cr

Adani Power will seek its shareholders' approval for raising Rs 2,500 crore in one or more tranches to sustain business growth and finance expansion plans, the company informed bourses on Monday. The company will seek the approval at its annual general meeting on June 25.

The proposed resolution seeking the enabling authorization of the members to the Board of Directors to raise funds to the extent of Rs 2,500 crores or its equivalent in any one or more currencies, in one or more tranches, in such form, on such terms, in such manner, at such price and at such time as may be considered appropriate by the board, Adani Power said in a regulatory filing. The company proposes to have flexibility to infuse additional capital, to tap capital markets and to raise additional long term resources, if necessary in order to sustain growth in the business, for business expansion and to improve the financial leveraging strength of the company.

The board proposed to raise funds through issuance of equity shares or instruments or securities including Global Depository Receipts or American Depository Receipts or convertible preference shares or convertible debentures and non-convertible debentures with warrants etc. The company has also sought shareholders' approval to appoint a director in place of Gautam S. Adani, who retires by rotation and being eligible offers himself for re-appointment.

The company has also proposed to shift the existing registered office located at Shikhar Near Adani House, Mithakhali Six Roads, Navrangpura, Ahmedabad-380009 to Adani Corporate House situated at Shantigram, Near Vaishnav Devi Circle, S G Highway, Khodiyar, Ahmedabad 382 421..