NE BUSINESS BUREAU
NEW DELHI, JUNE 26
Adani Power on Friday said it has got shareholders’ approval for raising up to Rs 2,500 crore in one or more tranches to sustain business growth and finance expansion plans.
The company sought approval at its annual general meeting (AGM) on Thursday.
All the resolutions proposed in the AGM were passed with requisite majority, the company said in a regulatory filing.
One of the resolutions sought authorisation of the board members to raise funds “to the extent of Rs 2,500 crore or its equivalent in any one or more currencies, in one or more tranches, in such form, on such terms, in such a manner, at such price and at such time as may be considered appropriate by the board”, it added.
The shareholders also approved a proposal to have the flexibility to infuse additional capital, to tap capital markets and to raise additional long-term resources.
They also okayed raising of funds through the issuance of equity shares or instruments or securities, including global depository receipts or American depository receipts or convertible preference shares or convertible debentures and non-convertible debentures with warrants.
They also approved a proposal to re-appoint Gautam S Adani a director.
The company also got the approval to shift the existing registered office located at Shikhar Near Adani House, Mithakhali Six Roads, Navrangpura, Ahmedabad-380009 to Adani Corporate House situated at Shantigram, Near Vaishnav Devi Circle, SG Highway, Khodiyar, Ahmedabad 382421.
Adani Transmission inks pact to execute Kharghar Vikhroli transmission project
Adani Transmission on Friday said it has signed an agreement with the Maharashtra State Electricity Transmission Company for the execution of the Kharghar Vikhroli transmission project.
Adani Transmission had won this project through a tariff-based competitive bidding process.
“Adani Transmission Ltd (ATL) has signed a share purchase agreement and completed the acquisition of the SPV, Kharghar Vikhroli Transmission Private Ltd (KVTPL), incorporated by the Maharashtra State Electricity Transmission Company Ltd (MSETCL),” a regulatory filing said.
ATL after winning this project had received the letter of intent (LoI) in December 2019. ATL will build, own, operate, and maintain the transmission project in the state of Maharashtra for a period of 35 years.
The project Kharghar Vikhroli Transmission Private Limited comprises approximately 34 km of 400 kV and 220 kV transmission lines along with 1,500 MVA 400kV GIS Substation at Vikhroli in Mumbai.
This project is critical to the city of Mumbai as the existing capacity of the transmission corridor is not sufficient to carry further power into the city.
This project would enable additional power to be brought into Mumbai and would thus help in meeting the future demand of the city.
With this project, the cumulative transmission network of ATL will reach more than 14,808 circuit km of transmission line and more than 27,000 MVA transformation capacity, out of which more than 11,576 circuit km and more than 18,330 MVA are under steady-state operation.
ATL also operates an integrated GTD (generation, transmission, and distribution) business serving more than 3 million customers in Mumbai.
Anil Sardana, MD, and CEO, Adani Transmission, said in the statement, “With the signing of the share purchase agreement for Kharghar Vikhroli Transmission Private Limited for the execution of transmission project in the state of Maharashtra, ATL”s position as the largest private sector transmission company operating in India is consolidated further.”
The win also takes the company closer to its target of setting up 20,000 circuit km of transmission lines by 2022, he added.
