Adani Energy Solutions Limited, a firm under the Adani group, saw tremendous investor interest in its $1-billion Qualified Institutional Placement (QIP) offering on July 31. The share sale attracted demand worth Rs 40,000 crore, which is five times the offer size.
The QIP is a fundraising tool that companies use to issue equities or other equity-convertible securities to qualified institutional buyers. In this instance, domestic mutual funds showed significant interest, bidding for shares worth over $325 million (approximately Rs 2,700 crore). Major mutual funds such as SBI MF, HDFC MF, TATA MF, Bandhan, Axis, and others participated in the bidding process. Specifically, SBI MF placed a bid for shares worth Rs 800 crore, according to sources.
In May, Adani Energy Solutions had approved a plan to raise up to Rs 12,500 crore through the QIP route within the current financial year. The plan received approval at the company’s annual general meeting in June.
On July 30, the board of Adani Energy Solutions approved the launch of the QIP offering, setting a floor price of Rs 1,027.11 per share. According to SEBI regulations for QIPs, companies can offer a discount of up to 5 percent on the floor price.
This strong investor response highlights the market’s confidence in company and its future prospects.
Also Read: Indian Made Telecom Equipment Exported To Over 100 Countries
India has recorded a sharp decline in poverty over 12 years, with extreme poverty falling…
The Sensex and Nifty began Friday’s session on a flat note amid cautious global sentiment…
India has recorded its sharpest decline in inequality in five years, according to the latest…
A Pakistani anti-terrorism court has sentenced human rights lawyer Imaan Mazari and husband Hadi Chattha…
Overnight rainfall brought cooler weather to Delhi-NCR and improved air quality, with Delhi's overall AQI…
Amit Shah will address the UP BJP state executive meeting in Lucknow as the party…