Adani Power shares jump over 3% as board mulls Rs 5,000 crore fundraise

Share Market

Shares of Adani Power today jumped 3.5% in an early trade to their day’s high of Rs 606.70 on the BSE after the company announced that its board will consider raising funds worth Rs 5,000 crore via non-convertible debentures (NCDs) at its upcoming board meeting.

“We would like to inform you that the meeting of the Board of Directors of the Company to be held on Monday, 28th October 2024 will inter alia also consider raising funds for a total amount not exceeding Rs 5,000 cr by way of public issue and/or private placement of non-convertible debentures (NCDs), which may be issued in one or more tranches, in accordance with applicable law and subject to receipt of requisite regulatory and other approvals,” the company said in a press release on Wednesday.

The company will also announce its September quarter results during the board meeting. In the quarter ended June 2024, the power and energy company reported a consolidated net profit decline of 55% year-on-year (YoY) to Rs 3,913 crore, down from Rs 8,759 crore in the same quarter last year.

Revenue from operations, however, increased by 36% YoY to Rs 14,956 crore during the reporting period, compared to Rs 11,005 crore in the previous year.

On Wednesday, shares of Adani Power dropped marginally to settle at Rs 583. The stock has surged 86% in the last year, and it has delivered over 800% returns to its investors over the last five years.

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