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
Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…
PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…
Gautam Adani, along with his wife Priti Adani and son Karan Adani, joined thousands of…
PM Narendra Modi on Saturday paid tribute to former Prime Minister PV Narasimha Rao on…
Gautam Adani conveyed profound spiritual emotions after witnessing the revered Rath Yatra of Lord Jagannath…
In a step towards diversifying India’s horticultural exports, Punjab has successfully shipped its first consignment…