Adani Energy Solutions is set to launch a Qualified Institutional Placement (QIP) worth Rs 6,000 crore later today, according to a report by CNBC-Awaaz on July 30. The demand for this QIP has reportedly already exceeded three times the offering size, indicating strong investor interest.
The major investors expected to participate in this QIP are GQG, Abu Dhabi Investment Authority, Qatar Fund, and a few funds based out of the US. According to CNBC-Awaaz channel sources, the other participants who will invest in this QIP are supposed to be Eastspring, White Oak, Nomura, Bandhan Mutual Fund, Axis Mutual Fund, and IIFL.
The floor price for the QIP is set at Rs 1,025 per share, with a maximum discount of up to 5 percent allowed on this price. The financial advisors for this transaction are Nomura, SBI Capital Markets, and ICICI Securities.
As of 2:30 PM on July 30, shares of Adani Energy Solutions were trading 5.8 percent higher at Rs 1,112.55 each.
On the business front, Adani Energy Solutions has announced a substantial 47% year-over-year increase in consolidated revenue from operations for its April-June quarter. Revenues were at Rs 5,379 crore, considering strong growth in operations.
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Source: MoneyControl
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