Adani Enterprises Limited, the flagship company of the Adani Group, has approved a Qualified Institutional Placement (QIP) issue worth Rs 4,200 crore ($500 million) to large investors.
In a notice to the stock exchange, the company announced that its board of directors has fixed a base price of Rs 3,117.4750 per equity share for the QIP issue. The company may offer a discount of up to 5% on the floor price, bringing the indicative issue price to Rs 2,962 per share, a 6.08% discount to Wednesday’s closing price.
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The funds raised through the QIP will be utilized for capital expenditure, debt repayment, and settling liabilities of the company and its subsidiaries.
The QIP issue allows listed companies to raise funds from the market without additional paperwork. This move is expected to bolster Adani Enterprises’ financial position and support its growth initiatives.
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