AEL: Adani Enterprises raised Rs 4200 crore through QIP, issued a statement stating where the amount will be spent
Adani Enterprises has raised $500 million i.e. about Rs 4,200 crore through Qualified Institutional Placement (QIP) to pursue its growth plans. Adani Enterprises Limited (AEL) has issued a statement saying that it has successfully completed the QIP. The face value of equity shares of Adani Enterprises Limited is Rs 1 per share.
A total of 1,41,79,608 equity shares were allotted through the QIP at an issue price of Rs 2,962 per equity share. The transaction was launched on October 9, 2024 (post-market) with a deal size of approximately Rs 4,200 crore (US$ 500 million) and closed on October 15, 2024.
According to the company, there was huge interest from investors in the QIP and bids were received 4.2 times more than the deal size. AEL’s current portfolio includes businesses such as airports and roads in the transport and logistics sector, new energy ecosystems (including solar and wind manufacturing) and data centers in the energy and utility sector. The company has stated that the proceeds from the QIP will be used for capital expenditure, debt repayment and general corporate purposes.
According to the company, SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited acted as book running lead managers for the issue. Apart from this, Cantor Fitzgerald & Co. acted as an advisor in this matter. Cyril Amarchand Mangaldas acted as legal advisor to AEL in terms of Indian law, while Trilegal and Latham & Watkins acted as legal advisors to the lead manager in terms of Indian and international law respectively.
