Adani Energy Solutions Limited has successfully completed the full utilization of Rs. 8,373.10 crore raised through its Qualified Institutional Placement (QIP), according to the monitoring agency report submitted for the quarter ended March 31, 2026. The comprehensive report, prepared by CARE Ratings Limited and reviewed by the company's Audit Committee, confirms complete deployment of funds across all designated objectives.

QIP Details and Fund Utilization

The QIP comprised 8,57,89,959 equity shares issued during July 30-August 2, 2024, raising Rs. 8,373.10 crore for the power transmission company. The monitoring report shows that all proceeds have been fully utilized across the specified objectives:

Board-Approved Fund Reallocation

The company implemented a significant reallocation between two primary objectives with requisite board approval obtained in Q1FY26. The transmission systems funding was increased by Rs. 800.00 crore from Rs. 2,060.00 crore to Rs. 2,860.00 crore, while smart meter project allocation was reduced by Rs. 800.00 crore from Rs. 1,800.00 crore to Rs. 1,000.00 crore. This reallocation was necessitated by increased capital expenditure requirements in transmission projects.

Quarterly Utilization Progress

During Q4FY26, the company utilized Rs. 37,739.86 for smart metering projects, completing the deployment of funds allocated for this objective. The monitoring report indicates that transmission system funding and debt repayment objectives were completed in earlier quarters, with general corporate purposes funding also fully utilized by Q2FY25.

Regulatory Compliance and Monitoring

The report was prepared pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 162A(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. CARE Ratings Limited served as the monitoring agency under the agreement dated July 26, 2024.

Project Implementation Timeline

All objectives were completed within the projected timelines specified in the offer document:

The monitoring agency confirmed that all government and statutory approvals related to the objectives have been obtained, and no material deviations affecting investor decision-making were identified. The complete utilization of QIP proceeds demonstrates the company's efficient capital deployment in strengthening its transmission infrastructure and smart metering capabilities while reducing debt burden.

Adani Energy Solutions has announced changes in its senior management personnel and internal auditor effective April 23, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed these changes to BSE Limited and National Stock Exchange of India Limited on April 24, 2026.

Senior Management Appointments

The company has appointed two senior executives to key leadership positions. Mr. Raj Kumar Jain has been appointed as Head of Energy Solutions and C&I. He brings over 20 years of experience as an investment professional with expertise in business development, strategy, mergers and acquisitions, financing, and risk management across commodities, forex, and rates. His experience spans green energy transition, natural resources including ferrous, non-ferrous, coal and oil & gas, and infrastructure sectors such as thermal power, transmission, roads, and ports.

Mr. Nitin Mittal has been appointed as Head - Talent Acquisition. He possesses 22 years of talent acquisition experience, having previously worked with companies including Adobe, HCL, and Ericsson before joining the Adani Group. His expertise includes PAN India and global hiring, with proven capabilities in managing people, processes, stakeholders, technology, and HR analytics.

Senior Management Cessations

Four senior executives have ceased their roles due to organizational restructuring, effective April 23, 2026. The departures include Mr. Vivek Gautam as Head – Projects, Mr. Sandeep Gautam as Head – HR, Mr. Manish Upadhyay as Head – Talent Acquisition, and Mr. Rohit Agrawal as Senior VP (CPG).

Internal Auditor Change

The company has appointed M/s. BDO India Services Private Limited as its new internal auditor effective April 23, 2026. BDO India Services Pvt Ltd is a leading professional services firm in India and part of the global BDO International network, operating in over 160 countries. The firm provides assurance, tax, advisory, business services & outsourcing, and digital consulting services.

Mr. Harish Sharma has ceased as internal auditor due to organizational restructuring and rotation policy, effective April 23, 2026. BDO India has a strong presence across major Indian cities, serving clients ranging from large multinational corporations to mid-sized enterprises, startups, and public sector organizations.

The disclosures were made in accordance with SEBI Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The information is available on the company's website at www.adanienergysolutions.com .

Appointment Details

Internal Auditor Details