Adani Energy Solutions Ltd. plans to raise as much as 12,500 crore rupees ($1.50 billion) through the issuance of equity shares or other securities.

The company’s board gave its approval for the fundraising today, Adani Energy said in a stock exchange announcement. The company will issue the securities in one or more tranches via qualified institutional placement or other permissible mode.

Adani Energy, which didn’t provide the proposed use of funds, said the fundraising will be subject to necessary approvals, including from shareholders and regulatory bodies.

The company, a part of Indian conglomerate Adani Group, will seek shareholders’ approval at the annual general meeting on 25 June.

Note: $1= 83.0558 Indian rupees

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