Adani Energy Solutions collects ₹8,373 Crore via QIP

6 Aug 2024 , 12:36 PM

Adani Energy Solutions Limited (AESL) received ₹8,373.10 Crore through qualified institutions placement method to construct capacity for evacuating electricity from renewable sources, the firm announced on Monday, August 5.

It is the Adani Group’s first equity raise in the capital market since its de-merger and listing from Adani Enterprises Ltd (AEL) in July 2015, according to an exchange filing.

AESL has successfully completed its Qualified Institutional Placement (QIP) worth ₹8,373 Crore (USD 1 billion), the largest in India’s power sector,” according to the filings.

The transaction, launched after market hours on July 30, had a base deal size of ₹5,861 Crore ($700 million) and a green shoe option of up to ₹8,373 Crore.

The QIP received bids of about six times the basic deal size from a wide range of investors, including utility-focused US investors making their first foray into India, sovereign wealth funds, big Indian mutual funds, and insurance corporations.

The company said that the revenues will be channelized to develop bulk evacuation routes for renewable electricity, increase energy efficiency, and improve network planning.

Furthermore, the revenues would be used to repay debts and improve general corporate activity.

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