Adani Enterprises, the flagship of the Adani Group, will be launching its qualified institutional placement later this month or early next month to raise anything from ₹6000 to ₹10,000 crore, the size of the issue depending on the investor appetite, sources said.
The company had taken board approval in May to raise up to ₹16,600 crore, but sources said that it may not raise the entire issue at one go. Work on the issuance is in progress, they added.
It will be waiting for investor response to the QIP issue of group firm Adani Energy Solutions before deciding on the amount as well as the timing of the issue, said sources with direct knowledge of developments.
This will be the first time Adani Enterprises will be tapping equity money after it aborted a follow-on public offer in February last year to raise ₹20,000 crore, in the wake of short seller Hindenburg Research making some serious allegations against the group.
It is also raising ₹600 crore in the domestic market through the issue of non-convertible debentures, which includes a greenshoe option of ₹300 crore. According to the draft prospectus filed with the stock exchanges, majority of the proceeds of the debt issue will be used to pay down debt.
The company has significant capex plans. Last month, its chief financial officer had said the group’s capex this year would be in the region of ₹1.3 lakh crore, a significant portion of which would be for airports, followed by the new energy business which are being incubated by Adani Enterprises.
Adani Energy QIP
Group firm Adani Energy Solutions launched a QIP today at a floor price of ₹1027.1125 per share, a 9.5 per cent discount to the closing price of the stock on the NSE.
Sources said it is raising around $1 billion , consisting of a base size of $700 million and greenshoe option of $300 million. According to information the issue has been oversubscribed three times. Long only global investors from the Middle East and domestic institutions have participated in the issue. It has board and shareholder approval to raise up to ₹12,500 crore.