Adani in the news

Adani Power seeks shareholders' nod for raising upto Rs 5,000 crore
The Economic Times - July 13, 2012

Adani Power has sought shareholders' approval for raising up to Rs 5,000 crore towards funding of various projects.

The company said it plans to raise the funds through issue of various instruments that could include Global Depository Receipts (GDRs), American Depository Receipts (ADRs) and convertible preference shares.

According to notice for the company's Annual General Meeting (AGM) scheduled for August 9, Adani Power said it would seek shareholders' nod for raising up to Rs 5,000 crore.

"The company is implementing various power projects directly or through its subsidiaries.

"To fund the said projects and to meet the rapid growth in the business, it is required to explore various options to infuse need based additional capital from time to time," the notice submitted to the BSE today said.

The Board of Directors has approved the proposal to issue various instruments worth Rs 5,000 crore or its equivalent in a foreign currency.