Adani Energy Solutions has raised ₹8,373 crore (around $ 1 billion) through the qualified institutional placement of shares it launched last week and top investors included SBI Mutual Fund, INQ Holdings, Nomura Singapore and Citigroup. The issue, the Adani group’s first public equity fund raise post the Hindenburg revelations in January 2023, is encouraging for the group’s other firms that are planning equity issuances. For instance, flagship Adani Enterprises itself is working on its $2 billion QIP issuance, which will be launched either later this month or early next. Adani Energy’s QIP was subscribed more than five times and more than 100 investors participated in it. The funds raised will be used almost entirely for capex purposes.

Source: The Hindu August 04, 2024 13:41 UTC