Adani Energy to raise Rs 3,500 crore via a QIP with upsize option

Synopsis

Adani Energy Solutions has launched a qualified institutional placement to raise funds. The company aims to secure ₹3,500 crore through this share issuance. Proceeds will support capital expenditure and debt repayment plans. Potential acquisitions and general corporate needs are also covered. This placement offers shares at a discount to market prices.

Mumbai: Adani Energy Solutions on Monday launched a qualified institutional placement (QIP) to raise ₹3,500 crore, with an option to upsize the issue depending on investor demand, according to the information on the exchanges.

The company has set an indicative issue price of ₹1,615 per share, a discount of 4.90% to the floor price of ₹1,698.15 and 5.18% to the closing market price of ₹1,703.30 on Monday. The company plans to issue 217 lakh shares.

The proceeds from the QIP are proposed to be utilised towards capital expenditure, repayment of existing borrowings, funding potential acquisitions, and for general corporate purposes.

ET Bureau

Also Read: Ahead of Market: 10 things that will decide stock market action on Tuesday

Jefferies, SBI Capital Markets, ICICI Securities, and IIFL Securities, are book running lead managers to the issue.

...moreless

...moreless