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Adani Energy Solutions launches QIP at ₹1,027.11 per share, potentially raising $700-800 million, extendable to $1 billion (₹8,400 crore). The company had previously approved raising ₹12,500 crore through equity to fund expansion in May.
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, has launched a Qualified Institutions Placement (QIP) on July 30, 2024. The floor price for the QIP is set at ₹1,027.11 per share, marking a significant fundraising initiative for the company. As a result of this announcement, Adani Energy Solutions’ share price will remain in focus today.
The QIP is being managed by SBI Capital Markets Ltd, Jefferies India Private Ltd, and ICICI Securities Ltd as the book-running lead managers. Cantor Fitzgerald & Co. has been appointed as an advisor for the issue.
This initiative follows the approval from the board of directors on May 27, 2024, and a special resolution passed at the Annual General Meeting on June 25, 2024. The Management Committee authorised the opening of the issue on July 30, 2024.
Adani Energy Solutions aims to raise up to $1 billion (₹8,400 crore) through the QIP. The company had previously approved raising ₹12,500 crore through equity to fund expansion in May. On Tuesday, Adani Energy Solutions share price closed at ₹1,135.05, gaining ₹83.10 or 7.90% on the NSE.
The QIP launch follows a series of roadshows with potential investors, including GQG Partners, Qatar Investment Authority, two US-based funds new to India, and domestic mutual funds.
This QIP marks the first equity fundraising by an Adani Group company since Adani Enterprises called off its ₹20,000 crore follow-on public offer (FPO) in February last year. The FPO was withdrawn after a significant stock price correction following allegations of accounting fraud and stock price manipulation by US short-seller Hindenburg.
The board approvals for raising ₹12,500 crore and ₹8,500 crore through QIPs last year were renewed in May, highlighting the company's strategic focus on expansion and strengthening its market position.
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