The Ministry of New and Renewable Energy (MNRE) allocated around Rs 19,100 crore in 2024-25 -- a 143 percent increase over the revised estimate of the previous fiscal.
Benchmark indices Nifty and Sensex closed the session with solid gains, although below their intraday highs, as a strong rally in banking, metal, and energy stocks boosted market sentiment.
Adani Enterprises Ltd. may seek to raise funds through a so-called qualified institutional placement, or QIP, the people said, asking not to be identified because the matter is private
The QIP was launched after market hours on July 30, with a base deal size of Rs 5,861 crore ($700 million) and included a green shoe option to size up to Rs 8,373 crore ($1 billion)
The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of Adani Energy Solutions Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business.
Among domestic investors, the QIP is likely to see participation from Bandhan Mutual Fund, and 360 One; some FIIs from US have also sown interest in the deal.
According to corporate reports and a banker informed of the proposal, Adani Energy Solutions, an Indian company, is in early conversations with institutional investors in the United States about raising between $400 million and $500 million through the private issuance of bonds.
The electric power distribution company reported a growth in revenue by 11 percent YoY to Rs 3766.46 crore in Q2FY24.
The strategic acquisition aligns with Adani Energy Solutions Ltd's goal of enhancing value for its shareholders through a combination of organic and inorganic growth opportunities