Adani Enterprises on Thursday launched its Rs 10,000-crore qualified institutional placement (QIP), joining a growing list of large equity fundraises by Indian corporates as companies tap capital markets to fund expansion. The institutional share sale ranks among the biggest QIPs by a private-sector company in recent years and comes as the Adani Group steps up investments across airports, energy transition, data centres and transport infrastructure.

The company has fixed the floor price for the issue at Rs 3,034.68 per share, in accordance with the pricing formula prescribed under Sebi regulations. Adani Enterprises’ shares closed at Rs 3,165 on Thursday, up 0.68% from the previous close. Under Sebi norms, the company can offer a discount of up to 5% to the floor price while determining the final issue price. The issue price will be finalised in consultation with the book-running lead managers, comprising SBI Capital Markets, Jefferies India, ICICI Securities and IIFL Capital Services.

The latest fundraising adds to a string of large QIPs in the Indian market over the past two years, reflecting strong institutional appetite for equities. State Bank of India’s Rs 25,000-crore QIP last year is the largest ever in India, overtaking Coal India’s Rs 22,560-crore issue in 2015. Among private-sector companies, Vedanta, Zomato and Adani Energy Solutions have also raised around Rs 8,000-8,500 crore through QIPs in recent years. Against that backdrop, Adani Enterprises’ Rs 10,000-crore issue stands out as one of the largest equity placements by a private-sector corporate.

The launch follows the company’s board approval in April to raise up to Rs 15,000 crore through equity shares or other eligible securities, a proposal that was subsequently cleared by shareholders at the annual general meeting on June 24. While the enabling resolution allows the company to mobilise up to Rs 15,000 crore, the current tranche is for Rs 10,000 crore. The fundraising also comes a day after Adani Energy Solutions approved a proposal to raise up to Rs 10,000 crore through a QIP or other permissible equity routes.