The Rs 3,500-crore qualified institutional placement (QIP) of Adani Energy Solutions was subscribed over three times on Tuesday, sources said. The QIP, which had an issue price of Rs 1,615 apiece, received bids worth Rs 10,800 crore. The issue had no green shoe option.

The stock on Tuesday fell 3.60% to close at Rs 1,642 on the NSE.

The issue attracted strong interest from foreign institutional investors and major mutual funds.

SBI Mutual Fund, ICICI Prudential MF, Tata MF, AB Birla MF, Kotak MF and HSBC Mutual Fund participated in the QIP. FIIs, including Manulife and Fiera Capital, and insurance firms such as Kotak life, ICICI Pru Life, SBI Life and investors such as Premji Invest also took part.

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Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities were the book running lead managers to the issue.

Adani Energy plans to use the proceeds from the QIP for capital expenditure, repayment of loans, acquisition funding and general corporate purposes.

Adani Group has completed raising Rs 43,500 crore, including two QIPs — Rs 3,500 crore by AESL and Rs 15,000 crore by Adani Enterprises — and a rights issue of Rs 25,000 crore.