Adani Energy Solutions' board Approves Raising ₹4,300 Cr ( ~ $502 Mn)

Adani Energy Solutions' board has approved raising ₹4,300 crore ($502 million) through Qualified Institutional Placement (QIP) or other modes, in one or more franches, said an exchange filing, as reported by Bloomberg.

This move is part of the company’s broader strategy to strengthen its financial position and support ongoing infrastructure projects.

The company has been steadily regaining investor confidence, with Fitch Ratings recently removing Adani Energy from a rating watch and assigning a negative outlook, citing moderating liquidity risks.

In April, Adani Group raised $750 million for an acquisition, with BlackRock Inc. subscribing to about a third of the bond issue. Additionally, its ports unit secured $150 million from DBS Group Holdings Ltd. through a bilateral loan. Last year in May, the company approved a ₹12,500 crore fundraise through Qualified Institutional Placement (QIP) and other modes.

This latest ₹4,300 crore fundraise is smaller than the ₹12,500 crore effort from last year but aligns with Adani Energy’s strategy of gradual capital infusion to support ongoing projects. The company has been steadily regaining investor confidence after earlier scrutiny, and this move reinforces its financial stability.

Additionally, the board has appointed Kandarp Patel as the Whole Time Director & CEO for a three-year term starting May 31, 2025. It also approved the appointment of Hemant Nerurkar, Amiya Chandra, and Chandra lyengar as Non-Executive Independent Directors for three year.