Adani Energy QIP gets 3.1x bids

Mumbai: Adani Energy Solutions' ₹3,500 crore qualified institutional placement (QIP) was subscribed 3.1 times, drawing bids worth ₹10,841 crore, aided by participation from domestic mutual funds, insurers and foreign investors. The issue was open for a day on July 27.

The issue saw participation from several domestic MFs, including SBI Mutual Fund, ICICI Prudential Mutual Fund, Tata Mutual Fund, Aditya Birla Sun Life Mutual Fund, HSBC Mutual Fund, Edelweiss Mutual Fund, Kotak Mutual Fund and Quant Mutual Fund. Other domestic institutional investors included Premji Invest, SBI Life, Kotak Life, ICICI Prudential Life, SBI General and Edelweiss Life. Among foreign investors, Manulife Investment Management, Fiera Capital, Think Investments, and Nippon Offshore participated in the offering.

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Adani Energy had priced the QIP at ₹1,615 per share, a 4.9% discount to the floor price of ₹1,698.15 and a 5.2% discount to the closing price of ₹1,703.30 on July 27.