Adani Enterprises plans to raise Rs 16,600 crore via QIP

Adani Enterprises has set its sights on raising Rs 16,600 crore through the Qualified Institutional Placement (QIP) route, as stated in an exchange filing on Tuesday.

QIP, a capital-raising mechanism primarily utilized in India, enables listed companies to issue equity shares, fully and partly convertible debentures, or other securities convertible to equity shares to qualified institutional buyers (QIBs).


“We wish to inform you that the Board of Directors… has inter-alia approved raising funds by issuing equity shares with a face value of Re 1 each of the Company and/or other eligible securities for an aggregate amount not exceeding Rs 16,600 crore. This will be achieved through QIP or other permissible modes in one or more tranches,” Adani Enterprises stated.

The decision is subject to obtaining necessary approvals, including a nod at the Annual General Meeting (AGM) scheduled for June 24, and other regulatory consents. This funding initiative follows a previous approval in May 2023, where Adani Enterprises had proposed to raise Rs 12,500 crore through QIP but didn’t proceed with the endeavor.

Earlier Business Upturn reported that the Adani Energy Solutions plans to raise the funds through the issuance of shares or other securities via qualified institutional placements or other permissible modes of up to Rs 12,500 crore ($1.50 billion).

Subsequent to the fundraising announcement, shares of Adani Enterprises were trading flat at Rs 3,295.20 on the BSE.