Adani Enterprises raises $500 million through QIP issue

Mumbai: Adani Enterprises will use proceeds from its qualified institutional placement for capital expenditure, debt repayment and general corporate purposes, it said on Thursday. The flagship company of the Adani group raised ₹4,200 crore ($500 million) through its QIP, which closed on Tuesday.

The company saw a demand of 4.2 times of the deal size of $500 million, including from mutual funds, insurance companies, and global investors.

Adani Enterprises has allocated 1.42 crore shares to investors at ₹2,962 per share. Quant Mutual Fund, Winro Commercial (India), Tree Line Asia Master Fund and SBI Life Insurance Co are among those who have subscribed to the QIP. Adani Enterprises, which has airports, roads, solar and wind manufacturing and data centres in its incubation portfolio, plans to spend ₹80,000 crore on capital expenditure in the current fiscal.