Adani Power Board To Mull Raising Up To Rs 5,000 Crore

Adani Power Ltd.'s board of directors will hold a meeting on Oct. 28 to consider raising funds not more than Rs 5,000 crore. The company may raise the funds through a public issue or private placement of non-convertible debentures in one or more tranches, according to an exchange filing on Wednesday.

Earlier in September, an Adani Power Ltd. consortium has successfully acquired Tamil Nadu-based Coastal Energen Pvt. for Rs 3,330.9 crore following a resolution plan approved by the National Company Law Tribunal. As part of this plan, CEPL has been merged with a special purpose vehicle, Moxie Power Generation Ltd.

In August, Adani Power incorporated a wholly owned subsidiary, Adani Power Middle East Ltd., in Abu Dhabi. This new entity has been registered as an investment holding company, created to invest in power, infrastructure, and related sectors in the Middle East.

Adani Power's net profit more than doubled in the first quarter of the current financial year. The city's power distribution company reported a net profit of Rs 3,394.5 crore for the quarter ended in June, compared to Rs 1,655.95 crore during the same period last year.

These figures represent adjusted net profit, as the first quarter of fiscal 2024 included other income of Rs 6,861.8 crore, attributed to prior-year adjustments based on regulatory orders and claims.

It reported a revenue at Rs 14,955.6 crore, denoting a rise of 35.89% for the July-September quarter of fiscal 2025 as compared to Rs 11,005.5 crore for the same period last year.

Shares of Adani Power closed 0.05% lower at Rs 587.85 apiece on the National Stock Exchange, compared to a 0.15% fall in the benchmark Nifty 50. The stock has risen 85.76% in the last 12 months and 11.94% on a year-to-date basis.

An analyst tracking the company maintains 'buy' rating on the stock, according to Bloomberg data.