Adani Power gets shareholders' nod to raise Rs 10,000 cr

Adani Power has got shareholders' approval to raise up to Rs 10,000 crore through issuance of shares, bonds or other securities, including for investments in various businesses.

"Members have approved offer or invitation to subscribe to securities for an amount not exceeding Rs 10,000 crore," the company said in a filing to the Bombay Stock Exchange on Wednesday. "The proposal was approved by the shareholders at an Annual General Meeting of the company held in Ahmedabad yesterday," the company said.

According to the agenda of the meeting, the company will raise money by issuing securities which may include equity shares, Global Depository Receipts, American Depository Receipts, convertible preference shares, convertible debentures, non-convertible debentures, Foreign Currency Convertible Bonds, Foreign Currency Exchangeable Bonds, or warrants.

Shareholders have also approved a separate proposal to raise money through issue of non-convertible debentures on private placement basis. They have also approved the proposal for investments of up to Rs 10,000 crore in other businesses by investing in securities of a company or its subsidiary in one or more tranches.

The members have also approved the proposal to increase FIIs/FPIs limit to 40 per cent of the paid up share capital of the company. The Foreign Institutional Investors held 18.97 per cent equity in the company in June this year as per the information provided on BSE.

Besides adopting the financial results for the quarter ended in June, the shareholders also re-appointed Rajesh S Adani as Director of the company. They also appointed Nandita Vohra and Raminder Singh Gujral as independent directors. A proposal to appoint Vneet Jaain as Executive Director of the company for 3 years was also approved.