Adani Energy Solutions Raises $1 Billion Through Share Sale, According to Report

Adani Energy Solutions Ltd recently closed its fund-raising through a qualified institutional placement (QIP) issue, with shares closing at Rs 1,135 per share, a 14% listing discount compared to the issue price of Rs 976 per share. The QIP was oversubscribed three times, with demand exceeding Rs 26,000 crore, making it the largest transaction in India’s energy space. Marquee investors such as GQG, QIP, ADIA, and other top names in the US, as well as domestic institutions including Bandhan MF, Nomura, and 360 India Infoline participated in the QIP. This fundraising marks the first capital raise for the group’s flagship firm after it scrapped a Rs 20,000 crore issue in February last year.

This decision followed allegations of accounting fraud and stock manipulation, which the group vehemently denied. Although the group has largely recovered from the impact on its market value, the successful QIP is seen as a strong vote of investor confidence in the tycoon. In a related development, Adani Enterprises Ltd, the flagship firm of the group, is seeking to revive its first-ever public sale of bonds to raise as much as Rs 600 crore, with Trust Investment Advisors, AK Capital Services, and Nuvama Wealth Management as lead managers for the issuances. The group had previously tapped the dollar bond market in March this year following the Hindenburg report, with its solar energy unit Adani Green Energy Ltd and associated firms receiving bids of about USD 2.9 billion.

AESL management authorized the opening of the issue and approved the floor price for the QIP, which was set at Rs 1,027 per equity share. *(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company. )*