- Adani Enterprises raised QIP size to Rs 15,000 crore from Rs 10,000 crore due to strong demand
- Bids worth Rs 38,000 crore came from global and domestic institutional investors in the share sale
- QIP subscribed 3.8 times original base size, showing robust demand despite US legal scrutiny
Adani Enterprises Ltd has increased the size of its Qualified Institutional Placement (QIP) to Rs 15,000 crore from the initially planned Rs 10,000 crore after the share sale attracted bids worth around Rs 38,000 crore from institutional investors. The marquee investor list included leading global asset managers and financial institutions such as Goldman Sachs, BlackRock, Blackstone, Capital Group and Nomura. Domestic institutional investors participating in the issue included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Mutual Fund and Tata Mutual Fund.
The offering, launched on Thursday, was subscribed about 3.8 times the original base issue size, reflecting robust demand from long-only institutional investors. According to PTI, demand was sufficient to cover the enlarged Rs 15,000 crore issue within 48 hours of the roadshow, with several investors seeking larger allocations than were ultimately available.
The strong response comes despite continued investor scrutiny over ongoing legal proceedings in the United States involving Adani Group Chairman Gautam Adani. The QIP marks Adani Enterprises' second major equity fundraising exercise in the past year, following its Rs 25,000 crore rights issue completed in 2025.
The company has said the proceeds from the share sale will be used to fund capital expenditure across its incubation businesses, repay debt and pursue strategic investments and acquisitions.
ALSO READ: Is Westside The New Zudio? Bernstein Maps Trent's Expansion Sprint, Cuts Target By 30%
The fundraising also comes shortly after Adani Enterprises announced an aluminium manufacturing joint venture with Abu Dhabi-based International Holding Company (IHC). The proposed venture envisages investments of around $11.5 billion, or about Rs 1.1 lakh crore.
The indicative issue price for the QIP was fixed at Rs 2,883 per share, representing a 5% discount to the Securities and Exchange Board of India floor price of Rs 3,034.68 and a 9.27% discount to the stock's July 2 closing price of Rs 3,177.50.
Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities are acting as the book-running lead managers for the offering.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
