Adani Enterprises approves Rs 16,600-cr QIP

Adani Enterprises’ board has approved raising up to Rs 16,600 crore through a qualified institutional placement of shares.

These shares will have a face value of Rs 1 each, and the fundraising will be done through one or more tranches, the Adani Group flagship notified exchanges on Tuesday.

This follows the board of group firm Adani Energy Solutions giving its nod for raising up to Rs 12,500 crore through a QIP.


Both companies will raise a total of Rs 29,100 crore or around $3.5 billion.

Adani Enterprises is planning to raise funds from the capital market for the first time since announcing a follow-up public offer last year.

While the country’s largest FPO at Rs 20,000 crore was successful, the company had returned the money to shareholders following a sharp correction in its share prices.

Between January and February last year, shares of Adani Enterprises had crashed 65% following allegations from US-based short seller Hindenburg. While the shares did see recovery through the year, they still ended with an over 26% loss. So far in 2024, the shares are up more than 14% but are yet to reach the highs seen in 2023.

Shares of Adani Energy, meanwhile, ended 2023 with a near 60% loss. The stock is up a little over 4% so far in 2024 but still less than half compared to the 2023 peak.

Both Adani Enterprises and Adani Energy had taken board approvals last year to raise Rs 12,500 crore and Rs 8,500 crore respectively through QIPs but eventually didn’t go ahead with the fundraising.