Breaking News: This Adani Group company is set to raise Rs 8,500 crore as shareholders give the go-ahead!
The company is engaged in the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems in India.
The issuing of equity shares on a qualified institutional placement basis will allow Adani Transmission to raise up to Rs 8,500 crore, with the consent of its shareholders. With the issuing of equity shares and/or other suitable securities to qualified investors on May 15, 2023, the company has requested the consent of its shareholders via a postal vote in order to raise up to Rs 8,500 crore through a qualified institutional placement. On May 13, 2023, the company's board of directors voted to support the proposal.
The scrip opened today at Rs 816.30 and reached the day's high and low of Rs 816.35 and Rs 805.25, respectively. Its 52-week high stood at Rs 4,238.55, whereas its 52-week low was Rs 630. The current market cap of the company is Rs 90,594.74 crore. Promoters hold 71.64 per cent, while the institutional and non-institutional holdings are 24.84 per cent and 3.51 per cent, respectively.
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Adani Transmission Ltd (ATL) is the largest private power sector transmission and retail electricity distribution company in India. In the Mumbai suburbs, the company constructs, installs, activates, maintains, and distributes electric power transmission networks. The company's active projects are in Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, and Haryana. The company's power transmission operations in India are primarily focused on the operation and maintenance (O&M) of existing assets through outsourced partners and the implementation of new transmission lines under licence from central and state energy bodies.