New Delhi, Oct 18: Adani Enterprises Limited (AEL) on Thursday said it has successfully raised $500 million (about Rs 4,200 crore) primary equity via qualified institutional placement (QIP) to further its growth plans.The flagship company of the Adani Group completed the QIP of face value of Rs 1 each, aggregating to Rs 4,200 crore. A total of 1,41,79,608 equity shares were allocated at an issue price of Rs 2,962 per equity share through the QIP.
The QIP saw overwhelming demand, receiving bids of approximately 4.2 times of the deal size from a diverse group of investors, including global long-only investors, major Indian mutual funds and insurance companies.
The proceeds from the QIP will be utilised for funding capital expenditure, debt repayment and general corporate purposes, the company said in a statement.
The transaction was launched on October 9, with a deal size of approximately $500 million, and closed on October 15.
SBI Capital Markets, Jefferies India and ICICI Securities were the book running lead managers for the issue. Cantor Fitzgerald & Co acted as an advisor in connection with the issue.
According to the company, the successful QIP underscores its position as India’s largest listed incubator of scalable and large businesses in core infrastructure which addresses the needs of the country.
The current incubation portfolio of Adani Enterprises includes airports and roads in the transport and logistics sector, new energy ecosystem (including solar and wind manufacturing) and data centres in the energy and utility sector.