Adani Transmission To Raise Rs 8,500 Crore Via QIP
The board of Adani Transmission Ltd. has approved a proposal to raise Rs 8,500 crore through a qualified institutional placement.
The board will seek approval of the shareholders for the issuance and ancillary actions by way of postal ballot process, the power transmission arm of the Adani Group said in an exchange filing.
In February, Adani Enterprises Ltd. decided not to proceed with the company's Rs 20,000 crore follow-on-public offer to "protect the interest of its subscribers".
This came after the company's stock price fell, following a report by Hindenburg Research. The company's FPO was fully subscribed even as the stock remained volatile after Hindenburg alleged stock manipulation and fraud.
The conglomerate had dismissed the claims and termed the allegations "malicious", saying it was aimed at damaging Adani Enterprises' FPO, which was later withdrawn.
Shares of the Adani Transmission closed 3.5% lower at Rs 885 apiece on Friday compared to a 0.1% gain in the benchmark NSE Nifty 50.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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