Adani Enterprises Limited (AEL) announced on Thursday that it has successfully completed a qualified institutional placement (QIP) of equity shares with a face value of ₹1 each, raising approximately ₹4,200 crores ($500 million). A total of 20,200,41,79,608 equity shares were issued at an issue price of ₹2,962 per share through the QIP. The transaction was initiated after market hours on October 9, 2024, aiming to raise around ₹4,200 crores ($500 million), and closed on October 15, 2024. The QIP saw significant demand, drawing bids that were about 4.2 times the deal size from a variety of investors, including global long-only investors, prominent Indian mutual funds, and insurance companies. This reflects AEL’s position as India’s largest publicly traded incubator for large-scale businesses in core infrastructure, meeting the country’s demands. AEL’s current incubation portfolio includes airports and roads in transport and logistics, a new energy ecosystem (covering solar and wind manufacturing), and data centers in the energy and utilities sector. Moreover, AEL’s additional operations in areas like copper, PVC, defense, and specialized manufacturing emphasize import substitution and are in line with India’s Atmanirbhar Bharat vision. The money raised from the QIP will be allocated for capital expenditures, paying off debts, and general corporate needs. SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited were the lead managers for the issue. Cantor Fitzgerald & Co. acted as an advisor, while Cyril Amarchand Mangaldas offered legal advice to AEL on Indian law. Trilegal and Latham & Watkins LLP provided legal counsel to the lead managers for Indian and international law, respectively.
