Adani Enterprises QIP Attracts Prominent Investors Amid Strong Demand

Adani Enterprises Ltd., a leading entity within the Adani Group, has reported considerable interest from investors in its recent Qualified Institutional Placement (QIP) initiative, according to informed sources cited by CNBC-TV18. This institutional share sale has successfully garnered attention from several high-profile investors.

Sources have identified certain investors that might receive allocations through this QIP. These include Quant Mutual Fund, GQG Capital, and Winro Commercial, indicating a robust participation from notable market players.

In addition, industry insiders revealed that ICICI Prudential, HDFC Life, SBI General Insurance, SBI Pension Fund, and Tata Mutual Fund are also among the participants in this financial exercise, further highlighting the depth of institutional interest.

Notably, the QIP has refrained from allocating shares to hedge funds, as per the sources. This strategic move aligns with the company’s approach to secure long-term institutional investors.

Adani Enterprises aims to raise up to ₹4,200 crore through this QIP, setting a floor price at ₹3,117.47 per share. This price point reflects a 1.1% discount compared to the previous day’s closing value.

The indicative issue price has been reported by sources to be ₹2,962 per share, representing a 6% discount to the closing price observed on October 9, thus offering an attractive proposition for potential investors.

As per the data released for the September quarter, promoters held a 74.89% stake in Adani Enterprises, while mutual funds and LIC, India’s largest insurance company, possessed 2.19% and 4.07% stakes respectively.

The trading session on Thursday saw a notable increase in Adani Enterprises’ share price, with a closing value of ₹3,194.8, marking a 1.3% rise, indicative of positive market sentiment towards the QIP.