Adani Enterprises Launches Rs 16,600 Crore QIP at Rs 3,117.48/share, Opens Wednesday to Raise $500 Million

Oct 9, 2024, 03:53 PM

Adani Enterprises Limited, led by billionaire Gautam Adani, has initiated a qualified institutional placement (QIP) to raise approximately Rs 16,600 crore (around $500 million) from institutional investors. The company has set a floor price of Rs 3,117.48 per share for this share sale, which opens on Wednesday. This move follows recent approvals from the company's board of directors and shareholders and marks a significant return to equity fundraising for Adani Enterprises after facing challenges from a short-seller report in 2023. Among the institutional investors engaged in discussions are Gulf-based sovereign wealth funds, including the Abu Dhabi Investment Authority and the Qatar Investment Authority.