Adani Energy Solutions, the power transmission arm of the Adani Group, raised $ 1 billion (Rs 8,372 crore) through qualified institutional placement (QIP), said sources.
The QIP, which opened on Tuesday, was oversubscribed three times with demand of about Rs 26,000 crore. The issue closed at Rs 1,135 per share, as against issue price of Rs 976 per share or a 14% listing discount.
Global investors including GQG, QIP, ADIA and few new names of US have participated, the sources said, adding that domestic institutions including Bandhan MF, Nomura, 360 One India Infoline have also participated.
The company had set a floor price of Rs 1,027 per share, allowing a maximum discount of 5% on the floor price.
Adani Energy Solutions’ share price closed at Rs 1,125.40 on the BSE, up 6.95% from Monday’s close.
The company plans to use the QIP proceeds for several purposes: funding capital expenditure requirements of some of its subsidiaries for setting up transmission systems; funding capex needs of some of its subsidiaries for purchasing and installing smart meters; repaying or pre-paying, in full or in part, certain outstanding debt of the company and some of its subsidiaries; and for general corporate purposes.
Adani Energy Solutions has appointed SBI Capital Markets, Jefferies India, and ICICI Securities as the bankers for the issue.
This QIP marks the first equity issuance by the Adani Group since its flagship Adani Enterprises called off a Rs 20,000 crore follow-on offer in February last year. The group returned the money after its listed stocks fell heavily following an adverse report by US-based short seller Hindenburg.
Adani Energy Solutions reported a 46.8% year-on-year increase in Q1FY2025 revenue to Rs 5,379 crore. However, the company incurred a net loss of Rs 1,190 crore, compared to a profit of Rs 182 crore in the year-ago quarter.