Adani Energy Solutions has raised ₹8,373 crore (around $ 1 billion) through the qualified institutional placement of shares it launched last week and top investors included SBI Mutual Fund, INQ Holdings, Nomura Singapore and Citigroup.
The shares were issued at ₹976 a share, as against the floor price of ₹1027.1125. Around 15 per cent of the total issue was allotted to INQ Holding LLC, a subsidiary of Qatar Investment Authority, 8.9 per cent to Citigroup, 7.9 per cent to four funds of SBI MF such as SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long Term Advantage Fund and SBI Magnum Children’s Benefit Fund and another 7.5 per cent to Nomura.
The issue, the Adani group’s first public equity fund raise post the Hindenburg revelations in January 2023, is encouraging for the group’s other firms that are planning equity issuances.
For instance, flagship Adani Enterprises itself is working on its $2 billion QIP issuance, which will be launched either later this month or early next.
Adani Energy’s QIP was subscribed more than five times and more than 100 investors participated in it. The company has significant capex plans with a target of establishing 30,000 circuit km of transmission lines by 2030, and installation of smart meters. The funds raised will be used almost entirely for capex purposes.