Adani Enterprises Limited (AEL) announced today the successful completion of its Qualified Institutional Placement (QIP) of equity shares, raising approximately Rs 4,200 crore (USD 500 million). A total of 1,41,79,608 equity shares, with a face value of Re 1 each, were allocated at a price of Rs 2,962 per share through this offering.
The QIP was launched after market hours on 9 October 2024 and closed on 15 October 2024. The issue saw strong interest from a broad range of investors, receiving bids approximately 4.2 times the size of the offering. Participants included global long-only investors, leading Indian mutual funds and insurance companies.
This capital raise underscores AEL’s position as India’s largest listed incubator of large-scale infrastructure businesses, which play a crucial role in supporting India’s development needs. AEL’s diverse incubation portfolio spans the transport and logistics sectors, including airports and roads, as well as the energy sector, where it focuses on solar and wind manufacturing. The company is also involved in emerging sectors such as data centres, copper, PVC, defence and specialised manufacturing, aligning with India’s drive towards self-reliance under the Atmanirbhar Bharat initiative.
The proceeds from the QIP will be used for capital expenditure, debt repayment, and general corporate purposes.
SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited acted as the book-running lead managers for the issue, while Cantor Fitzgerald & Co. served as an advisor. Cyril Amarchand Mangaldas provided legal counsel to AEL on Indian law, while Trilegal and Latham & Watkins LLP served as legal counsels to the BRLMs on Indian and international law, respectively.
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