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Adani Enterprises raised ₹4,200 crore through a QIP, issuing 1.41 crore shares at ₹2,962 per share. Quant Mutual Fund secured 47% of the allotment.
Adani Enterprises Ltd, the flagship company of the Adani Group, announced the completion of its Qualified Institutional Placement (QIP), raising ₹4,200 crore. The QIP concluded on October 15, 2024, following its launch on October 9. The company issued and allotted 1.41 crore equity shares, each with a face value of ₹1, to eligible institutional buyers as part of this fundraising.
The issue price for the QIP was set at ₹2,962 per share, representing a 5% discount from the initial floor price of ₹3,117.47 per share. This discount aligns closely with the stock's closing price of ₹3,103 on Tuesday, allowing investors to participate at a slightly reduced valuation.
Among the institutional investors, Quant Mutual Fund emerged as the largest participant, acquiring nearly 47% of the shares offered in the QIP through its various schemes. Notably, the Quant Smallcap Fund took up a significant share, representing 17.4% of the total issuance. Other key investors included Winro Commercial (India) Ltd., Tree Line Asia Master Fund (Singapore) Pte Ltd., and SBI Life Insurance, each receiving more than 5% of the shares on offer.
Following the QIP, the paid-up equity share capital of Adani Enterprises increased from ₹114 crore to ₹115.42 crore, as the total equity shares rose from 114 crore to 115 crore shares. This increase in capital reflects the company’s ability to attract substantial institutional investment, providing it with additional funds for strategic initiatives and growth.
Adani Enterprises shares closed at ₹3,103 on October 15, 2024, remaining stable despite the QIP activity. The stock has appreciated by 6.5% so far in 2024, reflecting positive market sentiment. The issue of new shares through the QIP has brought in fresh capital while keeping the share price largely steady.
Adani Enterprises’ successful QIP, raising ₹4,200 crore at ₹2,962 per share, demonstrates its ability to attract strong institutional interest, led by Quant Mutual Fund. This capital infusion is likely to support the company’s future growth plans, while the stability in the Adani Enterprises share price suggests market confidence in the company’s outlook.
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