Issue oversubscribed ~ 4.2x with participation from international and domestic investors
Ahmedabad, 17 October 2024: Adani Enterprises Limited (AEL) today said it has successfully completed the Qualified Institutional Placement(QIP) of equity shares of face value of INR 1 each of AEL (“Equity Shares”) aggregating to approximately INR 4,200 crores (USD 500 million). A total of 1,41,79,608 Equity Shares were allocated at an issue price of ₹ 2,962 per Equity Share through the QIP.
The transaction was launched post-market hours on 9 October 2024 with a deal size of approximately INR 4,200 crores (USD 500 million) and closed on 15 October 2024. 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.
This milestone underscores AEL’s position as India’s largest listed incubator of scalable and large businesses in core infrastructure which addresses the needs of India.
AEL's current incubation portfolio includes airports and roads in the transport and logistics sector, new energy ecosystem (including solar and wind manufacturing) and data centres in the energy and utility sector. AEL's other businesses including copper, PVC, defense and specialized manufacturing, focus on import substitution and addresses India's vision of Atmanirbhar Bharat.
The proceeds from the QIP will be utilized for funding capital expenditure, debt repayment and general corporate purposes.
SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited were the book running lead managers for the Issue (“BRLMs”). Further Cantor Fitzgerald & Co. acted as an advisor in connection with the issue. Cyril Amarchand Mangaldas acted as Legal Counsel to AEL as to Indian law and Trilegal and Latham & Watkins LLP acted as Legal Counsels to the BRLMs as to Indian law and International law, respectively.
The securities described in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. No public offering of securities in the United States is contemplated.