The $1 billion QIP offering of Adani group firm Adani Energy Solutions Limited is likely to see participation from investors such as Rajiv Jain’s GQG Partners, Abu Dhabi’s sovereign wealth fund ADIA, International Holding Company (IHC), as well as a host of domestic institutional investors, said sources aware of the development.
Moneycontrol first reported on July 4 that Adani group companies Adani Enterprises Ltd and Adani Energy Solutions are gearing up to tap the markets soon by way of qualified institutional placement offerings to raise as much as $2.5 billion.
Sources added that the QIP offering of Adani Energy Solutions has seen an investor demand of three times, worth approximately Rs 26,000 crore.
Notably, the company plans to use the funds for capex requirements of some of its subsidiaries to set up transmission systems and purchase and installation of smart meters as well as for repayment of debt.
Among domestic investors, the QIP is likely to see participation from Bandhan Mutual Fund, and 360 One; some FIIs from US have also sown interest in the deal, the sources added.
GQG is an existing investor in the company and holds around 4.5 percent stake in it as of June 30.
Spokespersons for GQG, ADIA and Adani Energy Solutions could not be immediately reached for a comment.
On July 30, the board of Adani Energy Solutions approved the launch of the QIP offering with a floor price of Rs 1,027.11 per share. Companies can offer a discount of up to 5 percent on the floor price, as per SEBI regulations for QIPs.
Shares of Adani Energy Solutions closed trading on July 30 at Rs 1,125.40 per share, up 6.95 percent on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
