Quant Mutual Fund has emerged as the largest investor in Adani Enterprises Ltd’s recently concluded Rs 4,200-crore Qualified Institutions Placement (QIP), securing nearly 47% of the total issue size, according to the company’s stock exchange filing.
Leading the investment was the Quant Small Cap Fund, which took a 17.41% share of the total Adani Enterprises issue, while other schemes such as Quant ELSS Tax Saver Fund, Quant Active Fund, and Quant Flexi Cap Fund also acquired significant stakes above 7% each.
Quant Mutual Fund’s Rs 2,000 Crore Investment
Quant Mutual Fund collectively acquired over 66.6 lakh shares at an issue price of Rs 2,962 per share, amounting to a total investment of more than Rs 1,973 crore. This investment gives the mutual fund an approximate 0.58% post-issue equity stake in Adani Enterprises across multiple schemes.
Other major participants in the QIP included Winro Commercial (India) Ltd, with a 12.5% stake for an estimated Rs 525 crore, and Tree Line Asia Master Fund (Singapore) Pte Ltd, which secured 5.95% of the allotment. SBI Life Insurance Co Ltd also participated, taking a 5.06% allocation for an estimated Rs 212 crore.
Details of the Adani Enterprises QIP
Adani Enterprises had raised Rs 4,200 crore through the QIP issue by allocating 1.42 crore equity shares at Rs 2,962 apiece, a 4.99 per cent discount to the floor price of Rs 3,117.475. In the last one year, the share price of the firm has surged over 27% and its market capitalization is over Rs 3.5 lakh crore.
Fundraising Goals: Capex and Debt Reduction
The QIP outcome has taken Adani Enterprises’ paid-up equity share capital from Rs 114 crore to Rs 115.42 crore. The proceeds will be utilised for defraying capital expenditure as well as debt repayments in the company and its subsidiaries. The QIP, that commenced on October 9, 2024, and closed on October 15, part of the overall plan to raise Rs 16,600 crore, approved by its board in May. Earlier, Adani Energy Solutions raised nearly $1 billion through a QIP subscribed several-fold. Its investors include GQG, Blackrock, and several Indian mutual funds.
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Source: Moneycontrol
News Desk
