Adani Energy upgrade $1 billion through QIP issue

The company had fixed the floor price of Rs 1,027 per share, which could allow a maximum discount of 5 per cent on the floor price.
Adani Energy Solutions, the power transmission arm of Adani Group, has increased $1 billion (over Rs 8,300 crore) through a Qualified Institutional Placement issue.
The issue was oversubscribed 3 times with a demand of about Rs 26,000 crore, the largest transaction in India’s energy sector. The QIP issue price closed at Rs 1135 per share as against Rs 976 per share. Global investors including GQG, QIP, ADIA and some new US names participated in the issue. Domestic institutions including Nomura , Bandhan MF, 360 One and India Infoline also participated in the issue.
The company had fixed the floor price of Rs 1,027 per share, which could allow a maximum discount of 5 per cent on the floor price.
Share price of Adani Energy Solutions closed at Rs 1,125.40 on the BSE, up 6.95 per cent from Monday’s close.
In February 2023, Adani Enterprises had annulled its Rs 20,000 crore fully subscribed follow on public offer (FPO) and announced returning the money to investors. The FPO was shut down on January 23 after US-based Hindenburg Research released a report accusing the group of brazen stock manipulation and accounting fraud, which the group denied.
On May 28, 2024, in a filing to the exchanges, the Adani Group flagship company said that the board of directors has approved raising funds through the issuance of such number of equity shares of the company having face value of Re 1 each. and/or other eligible securities or any combination thereof, through QIP or other permissible mode in one or more tranches for an aggregate amount not exceeding Rs 16,600 crore or an amount equivalent thereto.