Adani Energy Solutions to raise Rs 4,300 cr via share sale

Adani Energy Solutions will seek to raise Rs 4,300 crore through a qualified institutional placement (QIP) or other permissible method as per applicable laws.

The company said in a regulatory filing on Saturday that the fundraise will be done in one or more tranches, subject to getting necessary approvals, including from the company's shareholders.

This fiscal year, Adani Energy plans to spend Rs 16,000-18,000 crore in capital expenditure, up from last year's spending of Rs 11,444 crore. Of the total, it will invest Rs 12,000-13,000 crore in transmission, Rs 4,000 crore in smart meters, and Rs 1,600 crore in distribution.

On Saturday, the company also redesignated Kandarp Patel, chief executive officer (CEO)-KMP, as an additional director and whole-time director & CEO (KMP) of the company for a three-year period effective May 31.

The company also appointed Hemant Nerurkar and Amiya Chandra as additional directors (non-executive and independent) on the board for a similar three-year period.