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By EquityPandit

BUSINESS

Adani Power Looking for Approval to Double NCD Issues 

These suggestions will be discussed during a meeting of Adani Power's board on Wednesday, 29 January.

The board of Adani Power is looking to double an existing fundraising plan to Rs 10,000 crore through the issuance of non-convertible debentures (NCDs), the company said in a statement on 26 January. This is in addition to considering a fundraise through Qualified Institutional Placement or other measures of shares worth Rs 5,000 crore.

These suggestions will be discussed during a meeting of Adani Power’s board on Wednesday, 29 January. Additionally, on Wednesday, the board would evaluate and approve the financial accounts for the quarter and nine months ending 31 December 2024.

The NCD proposal replaces the previous board resolution dated 28 October 2024, with funds to be raised via a public issue, private placement, or a combination of both. The issuance may occur in one or more tranches, subject to necessary approvals.

Additionally, the board will review a proposal to raise up to Rs 5,000 crore through the issuance of equity shares or other eligible securities, pending shareholder approval. This equity fundraising is expected to take place through private placement, a QIP issue, or a preferential issue.

Earlier in October, during the September quarter earnings call, the company said, “Our existing operations will generate sufficient cash flows to enable us to reach our targets without excessive leverage. We will follow a debt-light strategy to fund capital expenditure, relying on our strong cash flow generation to achieve our long-term target.”

Over Rs 6,000 crore is what Adani Power expects to spend in FY25 on acquisitions, ongoing projects, and organic growth. The business plans to invest over Rs 20,000 crore in the same projects the following year.

Promoters and institutional investors like GQG Partners increased their stake in Adani Power during the September quarter.

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