Ahmedabad: On Thursday, Adani Enterprises Limited (AEL) announced its successful completion of a qualified institutional placement (QIP) for the equity shares of AEL ("Equity Shares"), amounting to approximately Rs 4,200 crores ($500 million) in face value.
Adani reported that a total of 1,41,79,608 Equity Shares were allocated at an issue price of Rs 2,962 per share, through the QIP.
The transaction was initiated post-market hours on October 9, 2024, with an aggregate deal size of approximately INR 4,200 crores (USD 500 million), concluding on October 15, 2024.
The QIP experienced significant demand, receiving bids that were approximately 4.2 times the deal size, from a diverse investor base. This included global long-only investors, major Indian mutual funds, and insurance companies.
This achievement further solidifies AEL's status as India's premier listed incubator of scalable and large businesses in the core infrastructure sector, catering to India's needs.
AEL's portfolio of incubated businesses spans across various sectors, including airports and roads within the transport and logistics sector, the new energy ecosystem (focusing on solar and wind manufacturing), and data centers in the energy and utility sector. Additionally, AEL's other ventures, such as copper, PVC, defense, and specialized manufacturing, are aimed at import substitution, aligning with India's vision of Atmanirbhar Bharat.
The funds raised from the QIP will be allocated towards capital expenditure, debt repayment, and general corporate purposes. SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited were the lead managers for the issue.
Cantor Fitzgerald & Co. provided advisory services for the transaction. Cyril Amarchand Mangaldas represented AEL in Indian legal matters, while Trilegal and Latham & Watkins LLP provided legal counsel to the BRLMs on Indian and International legal aspects, respectively.
