BAJAJ BROKING
Adani Energy Solutions launches QIP at ₹1,027.11 per share, potentially raising $700-800 million, extendable to $1 billion (₹8,400 crore). The company had previously approved raising ₹12,500 crore through equity to fund expansion in May.
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, has launched a Qualified Institutions Placement (QIP) on July 30, 2024. The floor price for the QIP is set at ₹1,027.11 per share, marking a significant fundraising initiative for the company. As a result of this announcement, Adani Energy Solutions’ share price will remain in focus today.
The QIP is being managed by SBI Capital Markets Ltd, Jefferies India Private Ltd, and ICICI Securities Ltd as the book-running lead managers. Cantor Fitzgerald & Co. has been appointed as an advisor for the issue.
This initiative follows the approval from the board of directors on May 27, 2024, and a special resolution passed at the Annual General Meeting on June 25, 2024. The Management Committee authorised the opening of the issue on July 30, 2024.
Adani Energy Solutions aims to raise up to $1 billion (₹8,400 crore) through the QIP. The company had previously approved raising ₹12,500 crore through equity to fund expansion in May. On Tuesday, Adani Energy Solutions share price closed at ₹1,135.05, gaining ₹83.10 or 7.90% on the NSE.
The QIP launch follows a series of roadshows with potential investors, including GQG Partners, Qatar Investment Authority, two US-based funds new to India, and domestic mutual funds.
This QIP marks the first equity fundraising by an Adani Group company since Adani Enterprises called off its ₹20,000 crore follow-on public offer (FPO) in February last year. The FPO was withdrawn after a significant stock price correction following allegations of accounting fraud and stock price manipulation by US short-seller Hindenburg.
The board approvals for raising ₹12,500 crore and ₹8,500 crore through QIPs last year were renewed in May, highlighting the company's strategic focus on expansion and strengthening its market position.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Share Market Today | Indian Markets Eye Flat to Positive Opening
15 Oct, 2024 | 4 Min. read
JSW Infra Wins Bid for New Port in Maharashtra
15 Oct, 2024 | 2 Min. read
Maruti Suzuki Unveils New Baleno Regal Edition
15 Oct, 2024 | 2 Min. read
Sterling & Wilson Wins ₹823cr Order, Q2 Boost
15 Oct, 2024 | 2 Min. read
J Kumar Infra Secures ₹298 Crore Pune Order
15 Oct, 2024 | 2 Min. read
Commodities Market Today | Oil Drops on OPEC Outlook, Metals Also Fall
15 Oct, 2024 | 1 Min. read
Gold Rate Today | Gold Drops 0.3%, Silver Falls 0.8% in Market
15 Oct, 2024 | 2 Min. read
HDFC Life Q2 FY’2024-25 Results
15 Oct, 2024 | 3 Min. read
HAL Elevated To Maharatna Status For Greater Autonomy
14 Oct, 2024 | 2 Min. read
Oil Prices Dip As China Falls Short On Stimulus, Israel-Iran Tensions Rise
14 Oct, 2024 | 2 Min. read
JSW Energy Inks Deal For 1,500 MW Pumped Hydro Storage
14 Oct, 2024 | 2 Min. read
CCPA Directs Ola To Allow Refunds Via Bank Or Coupon
14 Oct, 2024 | 2 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading