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Adani Energy Solutions Limited (AESL) has successfully completed its Qualified Institutional Placement (QIP) of `8,373 crore, the largest in India’s power sector.
This marks AESL’s first equity raise in the capital market since its demerger and listing from Adani Enterprises in July 2015. The transaction was launched post-market hours on 30 July 2024, with a base deal size of Rs 5,861 crore and an option to sell up to Rs 8,373 crore via a green shoe option.
The QIP received overwhelming demand, with bids totalling nearly six times the base deal size from a diverse group of investors. This included utility-focused US investors entering the Indian market for the first time, sovereign wealth funds, major Indian mutual funds, and insurance companies.
“India’s robust investment cycle and rising power demand are positive indicators for the sector. The strong interest from institutional investors reflects their commitment to and belief in energy transition, in which AESL plays a pivotal role. The response to our QIP reflects the confidence that investors have in our business model, execution capabilities, and effective capital allocation strategy, driving growth and exceptional shareholder value,” said Kandarp Patel, CEO of AESL.
The strong interest enabled AESL to fully exercise the green shoe option, increasing the total issue size to $1 billion (approximately Rs 8,373 crore).
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