Multi-business conglomerate Adani Enterprises has completed a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million).

A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP.

The offering generated strong interest, receiving bids of around 4.2 times the deal size from diverse investors, including global long-only investors, Indian mutual funds, and insurance companies.

Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.

SBI Capital Markets, Jefferies India, and ICICI Securities were the book-running lead managers for the issue.

Adani Enterprises’ current portfolio spans several sectors, including airports and roads in transport and logistics, a new energy ecosystem focused on solar and wind manufacturing, and data centers within energy and utilities. Other ventures include copper, PVC, defense, and specialized manufacturing.

Recently, Adani Green Energy redeemed $750 million 4.375% Holdco Notes through a fully funded redemption reserve account maintained since January 2024. The Holdco Notes supported the company’s high-growth objectives. During the period, AGEL’s capacity energy increased from 3.5 GW to 11.2 GW, registering a compounded annual growth rate of 48%.

In August, Adani Energy Solutions raised ₹83.73 billion (~$1 billion) through a QIP. The proceeds from the QIP were to be utilized for investment in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.

In May, Adani Green Energy secured a $400 million green loan from a consortium of five international banks for its under-construction 750 MW solar power projects in Rajasthan and Gujarat. The consortium will provide financing for projects that will come online by November this year.