Ahmedabad-based Adani Enterprises on Friday upsized its qualified institutional placement (QIP) to Rs 15,000 crore from a base size of Rs 10,000 crore, noticing huge investor demand for the issue.
The share sale drew bids worth roughly Rs 38,000 crore, 3.8 times the base offer and among the strongest responses to a QIP in recent years.The order book was fully pre-filled before the launch, allowing the ports-to-power conglomerate to execute the deal within 48 hours, including investor roadshows, according to sources.Domestic institutional investors accounted for 65% of the subscription, while global investors made up the remaining 35%.
Investors in the deal included Capital Group, HDFC Mutual Fund, ICICI Mutual Fund, Kotak Mutual Fund, SBI Mutual Fund, BlackRock, Blackstone, Tata Mutual Fund and Birla Mutual Fund.Also Read | Adani, IHC plan to forge $11.5 billion aluminium unitAdani Enterprises launched the share sale on Thursday, offering as many as 34.7 million shares to institutional investors at an indicative price of Rs 2,883 apiece.
The transaction included an option to increase the size of the offering.
The company may also use part of the funds to reduce debt at its solar, airport and copper businesses, repay loans, and fund inorganic growth opportunities through acquisitions or investments.In December, Adani Enterprises raised Rs 25,000 crore through a rights issue of partly paid equity shares, issuing 138.5 million shares at Rs 1,800.Adani Enterprises operates as the primary business incubator for the Adani Group, focusing on diverse infrastructure and emerging industrial sectors, according to its website.
