Mumbai, May 27 (IANS): Adani Energy Solutions Ltd (AESL) on Monday said that its board has approved to raise funds not exceeding Rs 12,500 crore through Qualified Institutional Placement (QIP) or other permissible mode in accordance with the applicable laws, in one or more tranches.

In a regulatory filing, the company said that the fundraising is "subject to the receipt of the necessary approvals including the approval of the members of the company at the ensuing Annual General Meeting of the company scheduled to be held on Tuesday, 25th June 2024, and such other regulatory/statutory approvals, as may be required".

The board approved the raising of funds by way of issuance of such number of equity shares having a face value of Rs 10 each of the company or other eligible securities or any combination thereof (Securities).

The stock of Adani Energy Solutions closed nearly flat at Rs 1,104.70 apiece on Monday.

Last week, Adani Energy Solutions announced it acquired 100 per cent stake in Essar Transco Ltd for Rs 1,900 crore. The acquisition covers a fully operational 400 kV, 673 ckt km (circuit kilometres) inter-state transmission line, linking Mahan in Madhya Pradesh to Sipat pooling substation in Chhattisgarh.

The acquisition takes the cumulative network of AESL to more than 21,000 ckt km.

AESL is the country’s largest private transmission company, with a presence across 17 states and 57,011 MVA transformation capacity. The company clocked operational revenue at Rs 14,217 crore for the year ended March 31, up 17 per cent (year-on-year) -- registering comparable profit after tax (PAT) at Rs 1,197 crore, up by 12 per cent.