Adani Enterprises raises $500 mn in primary equity to fund growth plans

Quick Summary:

Adani Enterprises Limited (AEL), the flagship firm of the conglomerate helmed by Gautam Adani, on Thursday said it has raised Rs 4,200 crore in share sale to large investors via a qualified institutional placement (QIP) issue to fund its future growth plans.The firm allocated 1.41 crore equity shares to qualified institutional buyers at an issue price of Rs 2,962 per equity share, it said in a statement.

The QIP saw overwhelming demand, receiving bids of approximately 4.2x of the deal size from a diverse group of investors, including global long-only investors, major Indian mutual funds and insurance companies.

"The transaction was launched post-market hours on October 9, 2024 with a deal size of approximately Rs 4,200 crore (USD 500 million) and closed on October 15, 2024," it said.

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Category: BusinessFinance

Markets: IndiaCuba

Topics: Primary equity Adani Enterprises QIP Share sales

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-17 @ 20:09:01 (11 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 506 words

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Sentences: 17 lines

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Copyright Owner: © Business Standard

News ID: 23104697

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