Adani Energy Solutions to Raise ₹12,500 Crore via Qualified Institutional Placement

Adani Energy Solutions Ltd., led by billionaire Gautam Adani, has announced plans to raise ₹12,500 crore through a qualified institutional placement (QIP) or other permissible modes in one or more tranches. The decision was made at a board meeting on Monday, May 27, 2024.

The company, part of the ports-to-power conglomerate Adani Group, aims to leverage the QIP method, which allows companies to raise capital by issuing shares to eligible institutional investors. The specific details regarding the dates and pricing of the QIP are yet to be finalized.

Adani Energy Solutions plans to seek shareholder approval for the capital raising initiative at its Annual General Meeting scheduled for June 25, 2024. This move is part of the company’s broader strategy to attract four to five major international investors keen on participating in India’s infrastructure growth.

Since January last year, the Adani Group has successfully raised nearly $6 billion from prominent investors, including Rajiv Jain’s GQG Partners LLC, Qatar Investment Authority, and TotalEnergies SE. The group continues to aggressively expand its business operations across various sectors.

Adani Energy Solutions’ shares closed at ₹1,104.70 apiece on the NSE today, maintaining a steady position. The stock has seen a 5% increase so far this year, reflecting investor confidence in the company’s growth trajectory.

This capital infusion through the QIP is expected to further bolster Adani Energy Solutions’ capacity to undertake large-scale infrastructure projects, thereby contributing to the economic development of India.

First Published: May 27, 2024, 4:40 PM IST

For comprehensive coverage of legal developments, business news, and real-time updates on law and politics, visit Kanishk Social Media.

 If you like this story, share it with a friend!