Now Reading: Adani Energy Solutions QIP gets 3x bids; Adani Green plans $1B raise
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Adani Energy Solutions QIP gets 3x bids; Adani Green plans $1B raise
Adani Energy Solutions QIP gets 3x bids; Adani Green plans $1B raise
Adani Energy Solutions on Tuesday closed its ₹3,500 crore QIP oversubscribed three times, attracting ₹10,800 crore in bids from mutual funds and insurers. The company will issue 21.7 million shares at ₹1,615…
The Story in Brief
Adani Energy Solutions on Tuesday closed its ₹3,500 crore QIP oversubscribed three times, attracting ₹10,800 crore in bids from mutual funds and insurers. The company will issue 21.7 million shares at ₹1,615 each and use the proceeds for capex, loan repayment and acquisitions. It recently bought IntelliSmart Infrastructure for ₹3,050 crore and reported a 124% jump in June-quarter profit.
Separately, Adani Green Energy plans to seek board approval this week to raise up to $1 billion (₹8,200 crore) via QIP, people aware of the matter told The Economic Times. The funds will repay a $750 million bond due next year. The group is also renegotiating terms with TotalEnergies for a planned $4 billion green hydrogen investment, after the French firm paused talks following the Hindenburg report.
The Indian Opinion
The oversubscription of Adani Energy Solutions' QIP shows institutional appetite remains strong despite Hindenburg allegations. Yet the group's reliance on equity and bonds to repay earlier debt raises a fair question: is the payoff from greenfield projects coming fast enough? The real test will be when TotalEnergies finalises its hydrogen venture valuation later this year, the terms will reveal whether global partners share the same confidence as domestic funds do.
Sources (2): economictimes.indiatimes.com, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
