Adani Power gets shareholders' nod to raise up to Rs 2,500 crore

NEW DELHI: Adani Power on Friday said it has got shareholders' approval for raising up to Rs 2,500 crore in one or more tranches to sustain business growth and finance expansion plans.

The company sought the approval at its annual general meeting (AGM) on Thursday.

All the resolutions proposed in the AGM were passed with requisite majority, the company said in a regulatory filing.

One of the resolutions sought authorisation of the board members to raise funds "to the extent of Rs 2,500 crore or its equivalent in any one or more currencies, in one or more tranches, in such form, on such terms, in such a manner, at such price and at such time as may be considered appropriate by the board", it added.

The shareholders also approved a proposal to have flexibility to infuse additional capital, to tap capital markets and to raise additional long-term resources.

They also okayed raising of 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.

They also approved a proposal to re-appoint Gautam S Adani a director.

The company also got the approval 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 382421.