Monday, November 11, 2024
HomeStocksAdani Enterprises: Adani Enterprises' QIP sees healthy demand, Rs 4,200 crore raised...

Adani Enterprises: Adani Enterprises’ QIP sees healthy demand, Rs 4,200 crore raised through issue

-



Adani Enterprises has successfully completed the qualified institutional placement (QIP), raising nearly Rs 4200 crore. The company has allocated 1.41 crore shares at an issue price of Rs 2,962 apiece.

The transaction was launched post-market hours on October 9 with a deal size of Rs 4,200 crores ($500 million) and closed on October 15.

“The QIP saw overwhelming demand, receiving bids of over 4.2x of the deal size from a diverse group of investors, including global long-only investors, major Indian mutual funds, and insurance companies,” the company said in a release.

This milestone underscores Adani Enterprises’ position as India’s largest listed incubator of scalable and large businesses in core infrastructure which addresses the needs of India.

The company’s current incubation portfolio includes airports and roads in the transport and logistics sector, new energy ecosystem (including solar and wind manufacturing) and data centres in the energy and utility sector.

Its other businesses including copper, PVC, defense and specialized manufacturing, focus on import substitution.The proceeds from the QIP will be utilized for funding capital expenditure, debt repayment and general corporate purposes.

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



Source link

LATEST POSTS

RBI may defer rate cut call to February as inflation’s still hot

India's central bank is likely to defer a decision on slashing rates to at least February, economists said, illustrating the risks posed by imported...

JPMorgan Braces for ‘Impactful’ First Two Years of Trump

(Bloomberg) -- The first two years under Donald Trump’s second term could be “quite impactful” if policy changes are made...

Bitcoin hits record high as Trump edges closer to full control of Congress

Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldBitcoin has hit $80,000...

Number of EPFO subscribers up 7.6% at 73.7 million in 2023-24

The Employees’ Provident Fund Organisation witnessed 7.6% jump in number of contributing members in 2023-24 at 73.7million compared to 68.5 million in the preceding...

Most Popular

spot_img