Adani Energy raises $1 bn via QIP issue

The company had set a floor price of Rs 1,027 per share, allowing a maximum discount of 5 per cent on the floor price.

Adani Energy Solutions’ share price closed at Rs 1,125.40 on the BSE, a rise of up 6.95 per cent from Monday’s close. (File Photo)

Adani Energy Solutions, the power transmission arm of the Adani group, raised $ 1 billion (over Rs 8,300 crore) through a qualified institutional placement (QIP) issue.

The issue was oversubscribed three times with demand of around Rs 26,000 crore, marking largest transaction in India’s energy space. The QIP closed at Rs 1135 per share against the issue price at Rs 976 per share. Global investors including GQG, QIP, ADIA and some new names from the US participated in the issue. Domestic institutions including Bandhan MF, Nomura, 360 One and India Infoline also participated in the issue.

The company had set a floor price of Rs 1,027 per share, allowing a maximum discount of 5 per cent on the floor price.

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Adani Energy Solutions’ share price closed at Rs 1,125.40 on the BSE, a rise of up 6.95 per cent from Monday’s close.

In February 2023, Adani Enterprises had called off its fully subscribed Rs 20,000 crore follow on public offer (FPO) and announced to return the money to the investors. The FPO was called off after the US-based Hindenburg Research on January 23 released a report alleging the group of brazen stock manipulation and accounting fraud, which the conglomerate denied.

On May 28, 2024, in a filing to exchanges, the Adani Group’s flagship company said that the board of directors has approved raising of funds by the way of ‘issuance of such number of equity shares having face value of Re 1 each of the company and/ or other eligible securities or any combination, for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of QIP or other permissible mode in one or more tranches.