Both the companies informed shareholders that their respective annual general meetings will be held on June 25 through video conferencing, in view of the Covid-19 pandemic
Mumbai: Billionaire Gautam Adani-led companies Adani Power and Adani Green Energy have sought shareholders approvals to raise up to Rs 2,500 crore each through issue of equity shares or any other instruments in one or more tranches, the two companies said in the respective annual reports for 2019-20.
“The company proposes to have flexibility to infuse additional capital, to tap capital markets and to raise additional long term resources, if necessary in order to sustain growth in the business, for business expansion and to improve the financial leveraging strength of the company,” Adani Power said in the notice to shareholders appended to the annual report. Adani Green gave the same rationale for the enabling resolution.
Both the companies informed shareholders that their respective annual general meetings will be held on June 25 through video conferencing, in view of the Covid-19 pandemic.
Adani Power board is scheduled to meet on Wednesday to explore delisting of the shares of the company from the bourses. In a separate disclosure to the exchanges, the company said, “The Covid-19 has impacted and delayed the schedule of implementation and commissioning of 1,600 mw ultra supercritical coal based thermal power project in the state of Jharkhand which is being developed for supply of 1496 mw to Bangladesh Power Development Board as per the Power Purchase Agreement (PPA) executed. The company has intimated the consequential impact of Covid 19 in accordance with relevant clauses under the PPA with regard to Force Majeure and Change in Law.”
Adani Power also stated that given the continuing lockdowns, disruptions and partial resumption, it is difficult to estimate the impact of Covid-19 on business and it will make a full assessment “once normalcy in economic and business activities is fully restored.”
Adani Green on the other hand informed bourses that there will be no material impact on the company’s profit due to the pandemic. The company said, “The company has been raising invoices to all counterparties regularly and have been receiving the regular payments from all the DISCOMs and counterparties. The company doesn’t expect any issue in servicing the debt and other financing arrangements.”