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Synopsis: Adani Power shares were in focus as the company's board is set to consider raising funds up to Rs5,000 crore via non-convertible debentures (NCDs). This strategic move aims to enhance capital through a mix of public issuance and private placement, subject to regulatory approvals. Investors are closely watching the company's stock, which has shown varied trends across its moving averages. The board meeting is scheduled for October 28, 2024.
Adani Power has announced plans to consider raising Rs5,000 crore by issuing non-convertible debentures (NCDs). The board meeting scheduled on October 28, 2024, will discuss various ways of issuing these NCDs, including public offerings and private placements. The fundraise would support the company’s capital requirements, subject to regulatory nods.
On October 23, Adani Power's stock closed at Rs586.25 on the BSE, a slight dip from its previous close of Rs587.80. The stock’s technicals indicate it is trading higher than the 5-day and 200-day moving averages but below several other shorter and mid-term averages, suggesting a mixed trend. With an RSI of 28.7, the stock isn’t considered oversold, reflecting ongoing investor interest amidst this strategic announcement.
Market experts indicate that the proposed NCD issuance aligns with Adani Power's ongoing capital expansion and financial restructuring plans. The board’s approval could lead to multiple tranches of NCDs, offering flexible investment opportunities.
Disclaimer: The information provided here is based on recent announcements and market performance data. Investors are advised to conduct thorough research or consult financial experts before making investment decisions.
