Adani Power To Raise 5000 Crore Rupees Via NCDs, Shares Surge.

The company informed the stock market through a regulatory filing on the stock exchange late evening on Wednesday, October 23, 2024, that Adani Power Limited, a company of the Adani Group operating in the power and energy sector, has announced that its board of directors will consider raising to ₹5,000 crore through Non-Convertible Debentures (NCDs). In its notification to the stock market, the company stated discussions on the fundraising plan will take place during the upcoming committee meeting scheduled for October 28, 2024. Adani Power stated that this fundraising effort will be subject to necessary regulatory and other approvals. However, the company has not provided any further information regarding the use of the funds or the timeline for issuing the debentures. Following the announcement of the fundraising, Adani Power Limited shares were trading at ₹601 per share, up 2.52 per cent, on the BSE today. The stock has increased by 86 per cent over the past year and has provided more than 800 per cent return to its investors over the last five years. The company will also announce the results for the second quarter of the financial year 2024-25 during its board meeting scheduled for October 28, 2024. In the quarter ending June 2024, the power and energy company reported a consolidated net profit of ₹3,913 crore, reflecting a 55 per cent decline year on year corresponding to ₹8,759 crore in the same quarter as of the previous year. Adani Power is India’s largest private thermal power producer. According to its official website, Adani Power has a power generation capacity of 15,250 MW. The company has thermal power plants located in Gujarat, Maharashtra, Rajasthan and Jharkhand.