Adani Energy's $1-bn QIP subscribed 6 times with Rs 50k cr demand

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Adani Energy's $1-bn QIP subscribed 6 times with Rs 50k cr demand - Business Standard

Quick Summary:

Billionaire Stanley Druckenmiller's family office-led investment firms have made their maiden bet on Adani group, seeking shares of the conglomerate's power transmission unit in an institutional sale that was oversubscribed six-times and fetching demand of over Rs 50,000 crore against an issue size of USD 1 billion.

Duquesne Family Office and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - invested in the qualified institutional placement (QIP) of Adani Energy Solutions, sources with direct knowledge of the matter said.

The Rs 8,340 crore (USD 1 billion) issue saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business.