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, totaling approximately ₹4,200 crores ($500 million).
A total of 1,41,79,608 equity shares were allocated at an issue price of ₹2,962 per share through the QIP.
The transaction was launched after market hours on October 9, 2024, with a target size of around ₹4,200 crores ($500 million) and closed on October 15, 2024.
The QIP generated strong demand, attracting bids approximately 4.2 times the deal size from a diverse range of investors, including global long-only investors, major Indian mutual funds, and insurance companies.
This highlights AEL’s role as India’s largest publicly traded incubator for scalable and large businesses in core infrastructure, addressing the country’s needs.
AEL’s current incubation portfolio encompasses airports and roads in the transport and logistics sector, a new energy ecosystem (including solar and wind manufacturing), and data centers in the energy and utilities sector. Additionally, AEL’s other ventures, such as copper, PVC, defense, and specialized manufacturing, focus on import substitution and align with India’s vision of Atmanirbhar Bharat.
The funds raised from the QIP will be used for capital expenditures, debt repayment, and general corporate purposes. SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited served as the book-running lead managers for the issue.
Cantor Fitzgerald & Co. acted as an advisor for the issue, while Cyril Amarchand Mangaldas provided legal counsel to AEL regarding Indian law, and Trilegal and Latham & Watkins LLP served as legal counsels to the book-running lead managers concerning Indian and international law, respectively.
