Adani Enterprises, the flagship firm of Gautam Adani’s conglomerate, has launched the first tranche of its Qualified Institutional Placement (QIP) to raise $500 million. This comes as part of its broader plan to raise up to $2 billion, with a second QIP expected in the coming months.
Approved by the board in May 2023, the total fundraising target is Rs 16,600 crore (approximately $2 billion). While the current QIP has a base size of $500 million, the company may increase the amount through a green shoe option, depending on investor demand. The QIP has garnered strong interest from investors, including Gulf sovereign funds like the Abu Dhabi Investment Authority and the Qatar Investment Authority.
Proceeds from the QIP would be used to fund capital expenditure and also repay part debt of the existing debt of Adani Enterprises. The company, which incubates several new ventures of the group, operates in a wide array of businesses from airports to mining, infrastructure, data centres, and green hydrogen.
Shares of Adani Enterprises closed marginally lower at Rs 3,152.40 on the NSE but are up 8 per cent year-to-date. The stock has rallied 26 per cent over the last 12 months, in line with the Nifty.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
