Adani Energy set to raise up to $1 billion via QIP
Adani Energy Solutions is expected to launch a qualified institutional placement (QIP) this week or next to raise up to $1 billion (₹8,400 crore), according to people with knowledge of the matter. The board of the Adani Group's power transmission unit had in May approved raising ₹12,500 crore through equity to fund expansion.
«Adani Energy is set to launch its QIP after a month of roadshows with GQG Partners, Qatar Investment Authority, two US-based funds new to India, and domestic mutual funds showing interest,» said one of the persons cited. «The QIP is expected to be launched later this week or early next week to raise around $700-800 million, with the potential to increase it to $1 billion in case of demand.» The company has appointed ICICI Securities, SBI Capital Markets and Jefferies as advisers.
Adani Energy, which gained 5.4% in the last month compared with a 2.94% gain in the Sensex, ended flat on Monday at ₹1,052.25. The company did not respond to ET's queries.
This will be the first equity fundraising by an Adani Group company since Adani Enterprises called off its ₹20,000 crore follow-on public offer (FPO) in February last year after having raised the amount.
It returned the money raised in the country's largest FPO following a sharp correction in Adani Group stock prices after an adverse report by US short-seller Hindenburg. The report had alleged accounting fraud and stock price manipulation within the group, triggering a stock market rout that erased about $150 billion (Rs 12.5 lakh crore) in
