Adani Enterprises Secures $500 Million In Primary Equity To Fuel Growth Initiatives

AEL’s current incubation portfolio encompasses a wide range of sectors, including airports and roads in transportation and logistics, initiatives in the new energy ecosystem, data centres and more

The QIP was launched after market hours on October 9, 2024, with an initial deal size of around Rs 4,200 crores ($500 million) and concluded on October 15, 2024

Source : Adani Group

Adani Enterprises Limited (AEL) announced the successful completion of its Qualified Institutional Placement (QIP) of equity shares, each with a face value of Rs 1, raising approximately Rs 4,200 crores ($500 million) on Thursday. A total of 14,179,608 equity shares were allocated at an issue price of Rs 2,962 per share through this placement.

The QIP was launched after market hours on October 9, 2024, with an initial deal size of around Rs 4,200 crores ($500 million) and concluded on October 15, 2024. The offering generated remarkable interest, with bids exceeding the deal size by approximately 4.2 times from a diverse array of investors. This included global long-only investors, prominent Indian mutual funds, and insurance companies, reflecting strong confidence in AEL’s growth potential.

This achievement highlights AEL’s standing as India’s largest publicly listed incubator of scalable and substantial businesses in core infrastructure, addressing critical needs within the country, claims the company. AEL’s current incubation portfolio encompasses a wide range of sectors, including airports and roads in transportation and logistics, as well as initiatives in the new energy ecosystem, such as solar and wind manufacturing and data centres within the energy and utility sector. Additionally, AEL's other ventures—spanning copper, PVC, defence, and specialised manufacturing—focus on import substitution and align with India’s vision of Atmanirbhar Bharat (self-reliant India).

The funds raised from the QIP will be allocated toward capital expenditures, debt repayment, and various general corporate purposes, reinforcing AEL’s commitment to sustainable growth and further expansion of the business.

SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited served as the book-running lead managers for this issue. Cantor Fitzgerald & Co. acted as an advisor about the offering, while Cyril Amarchand Mangaldas provided legal counsel to AEL under Indian law. Trilegal and Latham & Watkins LLP served as legal advisors to the book-running lead managers concerning Indian law and international law, respectively.