Adani Energy Solutions has opened a Qualified Institutional Placement to raise up to Rs 8,373 crore. The QIP has been fixed at an indicative price of Rs 976 per share, 13.24% below the last closing and 4.98% lower than the SEBI floor price. The board approved this QIP offering on July 30 at a floor price of Rs 1,027.11 per share, the company informed the stock exchange.
The QIP has seen strong demand and is subscribed nearly five times with investors interest coming in at almost USD 5 billion. This includes strong participation from domestic and international investors.
Interest has also been seen coming in from almost all major domestic mutual funds such as SBI Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund, White Oak, and Axis Mutual Fund. On the global side, it had seen interest from GQG Partners of Florida-based investment manager, Qatar Investment Authority or QIA, Duquesne Capital of hedge fund investor Stan Druckenmiller, and Genesis. The other overseas investors that participated were Nomura Singapore, Eastspring Investments, Millennium Management, and Citadel. GQG Partners participated in the QIP, which already held around a 4.5 percent stake in the company as of June 30.
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Source: Moneycontrol
News Desk
