Adani Energy Solutions announced the launch of a Qualified Institutional Placement (QIP) on Tuesday, aiming to raise Rs 6,000 crore.
This move is part of the company’s strategy to secure additional funds. “We further wish to inform you that the ‘Relevant Date’ for the purpose of the Issue, in terms of Regulation 171(b) of the SEBI ICDR Regulations, is 30th July, 2024 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 1,027.1125/- per Equity Share,” said the firm in an exchange filing.
The company has set the floor price for the QIP at Rs 1,027 per share. Investors will be allowed a maximum discount of 5% on this floor price.
According to CNBC-Awaaz, the demand for this QIP has already exceeded three times the number of shares available.
Notable potential investors include GQG, ADIA, Qatar Fund, and several US-based funds, reported CNBC-Awaaz. Other likely participants are Eastspring, White Oak, Nomura, Bandhan Mutual Fund, Axis Mutual Fund, and IIFL.
“SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited have been appointed as the book running lead managers for the Issue (“BRLMs”). Further, Cantor Fitzgerald & Co. has been appointed as an advisor in connection with the issue,” said Adani Energy Solutions.
Adani Energy Solutions reported a significant 47% increase in its consolidated revenue from operations for the April-June quarter.
The company’s revenue for this period reached Rs 5,379 crore, according to the earnings data released today