New Delhi : Adani Enterprises Ltd, the main company of Gautam Adani's conglomerate, announced on Wednesday its approval for a Rs 4,200 crore share sale to major investors through a qualified institutional placement (QIP) offering. In a regulatory document, the company announced that its board has established the minimum price for the offering at Rs 3,117.4750 per share. The matter begins on Wednesday and the company can choose to give a discount of up to 5 pc on the minimum price.
At the meeting on October 9, the fundraising committee finalized and approved the initial placement document. SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited have been selected as the lead managers for the issue. Cantor Fitzgerald & Co. has been selected to advise on the matter. Adani Enterprises announced that the QIP committee approved the opening of the issue on October 9, 2024, set the floor price and agreed to the preliminary placement document during its meeting on Wednesday. At its essence, a QIP allows listed companies to raise funds without needing to file legal documents with market regulators.
Adani Enterprises had intended to raise Rs 20,000 crore in January of the previous year through the largest Follow-on Public Offer (FPO) in the country by selling shares priced at Rs 3,112 to Rs 3,276 each. Right before the FPO launched, Hindenburg Research released a damaging report on the group, causing the stock prices to drop sharply. Despite receiving a complete subscription, the company canceled the sale and refunded the money. Vodafone Idea's latest fundraising of Rs 18,000 crore is the biggest Follow-on Public Offering in India
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