Adani Enterprises Ltd. has approved the allotment of 1.41 crore equity shares to qualified institutional buyers, raising approximately Rs 4,200 crore through a qualified institutional placement.
The decision, taken by the QIP Committee of the board of directors at a meeting held on Oct. 15, saw shares issued at Rs 2,962 per share, representing a 4.99% discount to the floor price of Rs 3,117.4750.
Quant Mutual Fund's Quant ELSS Tax Saver Fund emerged as the largest participant, acquiring 46.97% of the total shares issued under the QIP. Winro Commercial (India) Ltd. acquired 12.5%, Tree Line Asia Master Fund (Singapore) Pte. bought 5.9% and SBI Life Insurance Co. acquired 5.05%.
Following the allotment, Adani Enterprises' paid-up equity share capital has increased from Rs 114 crore to Rs 115.42 crore, with a total of 115.41 crore equity shares.
The board of directors approved the QIP in May and a special resolution was passed for the same in June. The board then approved and adopted the preliminary placement document dated on Oct. 9 and the qualified institutional placement book was closed on the morning of Oct. 10.
The company clarified that the equity shares in this issue have not been registered under the US Securities Act of 1933 and will not be offered for sale within the United States.
Shares of the company closed 0.12% higher at Rs 3,104.70 per share on Tuesday, compared to a 0.28% decline in the NSE Nifty 50. The stock has risen 27.80% year-to-date and 8.98% over the past 12 months.
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