Adani Energy Solutions Announces Rs 6,000 Crore QIP
On Tuesday, Adani Energy Solutions revealed plans to launch a Qualified Institutional Placement (QIP) to raise Rs 6,000 crore. This strategic move is aimed at securing additional funds to further the company’s expansion and operational goals.
Details of the QIP
According to an exchange filing, the company has set a floor price for the QIP at Rs 1,027 per share. This figure is determined under Regulation 176(1) of the SEBI ICDR Regulations. The ‘Relevant Date’ for this issue is set as July 30, 2024. Investors will be allowed a discount of up to 5% on this floor price.
Investor Interest and Participation
The demand for this QIP has already surpassed expectations, with interest exceeding three times the number of shares available. Notable potential investors include GQG, ADIA, Qatar Fund, and several prominent U.S.-based funds. Other likely participants are Eastspring, White Oak, Nomura, Bandhan Mutual Fund, Axis Mutual Fund, and IIFL.
Advisors and Lead Managers
Adani Energy Solutions has appointed SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited as the book running lead managers (BRLMs) for the issue. Additionally, Cantor Fitzgerald & Co. will serve as an advisor for this QIP.
Company Performance
In related news, Adani Energy Solutions reported a substantial 47% increase in consolidated revenue from operations for the April-June quarter. The company’s revenue for this period reached Rs 5,379 crore, reflecting robust financial performance.
