AEL: Adani Enterprises raises 4200 crore through QIP

New Delhi| Adani Enterprises has raised $500 million, or about Rs 4, 200 crore, in qualified institutional placements through QIP to further its development 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 allocated through QIP at an issue price of Rs 2,962 per equity share. The transaction was started on 9 October 2024 (after market) with a deal size of around Rs 4,200 crore (US$500 million) and closed on 15 October 2024.

According to the company QIP showed huge investor interest and received bids 4.2 times 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 utilities sector. The company has reported that the proceeds from QIP will be used for capital expenditure, loan repayments and general corporate purposes.

According to the company, SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited played the role of book running lead managers for the issue. Also Cantor Fitzgerald & Co acted as a consultant in the case. Cyril Amarchand Mangaldas worked as a legal advisor for AEL in terms of Indian law while Trilegal and Latham & Watkins played the role of legal advisors to the lead manager in terms of Indian and international law respectively.