Adani Enterprises raised Rs 4,200 crore from institutional investors via a QIP. Quant Mutual Fund emerged as the largest investor, pouring in over Rs 1,973 crore into buying Adani Enterprises stock across its various schemes.
Adani Enterprises raised about Rs 4,200 crore via QIP, issuing 1.42 crore shares at Rs 2,962 per share.
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Quant Mutual Fund has emerged as the largest participant in Adani Enterprises Ltd’s recently concluded Rs 4,200-crore Qualified Institutions Placement (QIP), picking up nearly 47 percent of the total issue size, showed the company’s stock exchange filing.
Quant Mutual Fund’s flagship scheme Quant Small Cap Fund led the charge with a significant allocation of 17.41 percent of the total Adani Enterprises issue, showed the data of investors who were allotted more than 5 percent of the QIP issue.
Other Quant schemes such as Quant ELSS Tax Saver Fund, Quant Active Fund, and Quant Flexi Cap Fund also took substantial stakes at above 7 percent each in the QIP.
Quant Mutual Fund’s Rs 2,000-crore entry into Adani Enterprises stock
In total, Quant Mutual Fund’s various schemes were allotted over 66.6 lakh shares at an issue price of Rs 2,962 per share. This aggregates to a total investment of over Rs 1,973 crore by Quant Mutual Fund, calculations showed. With this investment, Quant Mutual Fund has bought nearly 0.58 percent (post-issue) equity stake in Adani Enterprises across various schemes, according to calculations.
Other key participants in the QIP included Winro Commercial (India) Ltd, which took a 12.5 percent stake for an estimated Rs 525 crore; and Tree Line Asia Master Fund (Singapore) Pte Ltd, with 5.95 percent of the total allotment. Additionally, SBI Life Insurance Co Ltd received an allocation of 5.06 percent for an estimated investment of over Rs 212 crore.
Adani Enterprises QIP: Issue details
Adani Enterprises raised approximately Rs 4,200 crore through this QIP, issuing 1.42 crore equity shares at a price of Rs 2,962 per share. This was at a discount of 4.99 percent, or Rs 155.475, from the floor price of Rs 3,117.475 per share, said the exchange filing.
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Adani Enterprises share price has gained over 27 percent in the last one year to Rs 3,104.75 at the last close, matching benchmark Nifty’s 27 percent returns. The company’s market capitalisation is well above Rs 3.5 lakh crore.
Adani Enterprises’ fund raising plan: Capex, debt reduction
With the completion of this offering, Adani Enterprises’ paid-up equity share capital increased from Rs 114 crore to Rs 115.42 crore. The funds raised are expected to be used for capital expenditure and to reduce debt obligations within the company and its subsidiaries.
The QIP opened on October 9, 2024, and closed on October 15, 2024. The fundraising is a part of Adani Enterprises’ broader capital-raising strategy. Earlier, in May, the company’s board had approved a total fundraise of Rs 16,600 crore or approximately $2 billion. The company has been tapping institutional investors to finance its expansion plans and infrastructure development across multiple sectors, including airports, mining, data centres, and green hydrogen.
Earlier this year, Adani Energy Solutions raised around $1 billion through its QIP, which was subscribed almost six times. Investors who participated in Adani Energy Solutions QIP included GQG, Blackrock, Nomura, ADIA, QIA, and domestic mutual funds such as SBI MF, HDFC MF and Tata MF.