Adani Energy Solutions gains nearly 4% on launch of ₹8,373 crore QIP

The board of Adani Energy on Tuesday approved the launch of a private placement of equity shares to qualified institutional investors at a price of ₹1,027 per equity share.

The issue price is around 9% discount to Tuesday’s closing price of ₹1124.9 per share on NSE.

The board of directors authorised the opening of the issue on July 30, 2024, according to an exchange filing by the Adnai Group company.

The company may offer a discount of not more than 5% on the floor price, so calculated for the issue. SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited have been appointed as the book-running lead managers for the issue.

The Adani Energy Board on May 27 approved the raising of funds by issuance of equity shares for up to ₹12,500 crore by way of QIP in one or more tranches. Shareholders approved the fundraise at the Annual General Meeting held on June 25, 2024.

Reports recently claimed that Adani Energy would raise up to USD 1 billion (₹8,373 crore) through the QIP issue.

According to reports, GQG Partners, two US-based funds new to India, Qatar Investment Authority, and domestic mutual funds had shown interest in the QIP issue.

The QIP issue by Adani Energy is the first equity fundraise by an Adani Group company since February 2023 when the group’s flagship Adani Enterprises cancelled a ₹20,000 crore follow-on public offer due to a damning report by US short-seller Hindenburg.

Adani Energy Solutions is a leading power transmission and distribution company in India with over 35% market share.

Adani Energy Solutions shares rallied 4% on Wednesday to hit a high of ₹1,168.8 apiece on the NSE. However, the stock pared early gains to trade 1.1% higher at ₹1,138 apiece on the NSE at 1:15 pm.