The QIP attracted investors such as GQG Partners, Quant Mutual Fund, SBI General Insurance, SBI Life Insurance and HDFC Life Insurance along with a few ultra-high net worth individuals, the people said.
The indicative floor price for the QIP was set at ₹2,962 per share. On Thursday, shares of Adani Enterprises closed 0.65% higher at ₹3,173.30 apiece on the BSE.
Rajiv Jain-backed GQG Partners first bought a stake in Adani Enterprises by purchasing a 4.1% stake for ₹3,850 crore in March 2023. GQG subsequently invested in group companies Adani Green Energy, Adani Transmission and Adani Power, among others. The value of these investments have reportedly crossed over ₹80,000 crore as of August.
While Quant Mutual Fund has investments in Adani Power and Adani Green Energy, SBI Life Insurance and HDFC Life Insurance are investors in several Adani Group companies including Adani Ports and Special Economic Zone and Adani Enterprises.
In May, Adani Enterprises had secured board approval to raise as much as ₹16,600 crore through a QIP in one or more tranches. With the latest fundraising, it has raised only a fourth of the approved amount through the QIP.This is the first equity fundraising activity for Adani Enterprises since the conglomerate was accused of lapses in corporate governance by US-based short seller Hindenburg in early 2023.In May 2023, its board had approved raising ₹12,500 crore through a QIP, but the company eventually abandoned the fundraising plan. In August, group company Adani Energy Solutions successfully raised nearly $1 billion through a QIP that was oversubscribed nearly six times.
Adani Enterprises, the incubator of the Adani Group, which houses several businesses including metals, airports and roads, is also in advanced discussions with a Middle Eastern sovereign fund to raise $1 billion for its airports business.
