Adani Energy Solutions raises ₹ 8,373 crore through QIP

Adani Energy Solutions Limited (AESL) has received ₹8,373.10 crore through qualified institutional placement for building renewable electricity generation capacity, the company said on Monday, August 5.

As per stock exchange documents, this is the first capital raising transaction by Adani Group since the company was demerged from Adani Enterprises Ltd (AEL) and listed on the stock exchange in July 2015.

AESL has successfully completed qualified institutional placement (QIP) worth ₹8,373 crore (USD 1 billion), which is the largest in the Indian power sector, documents show.

The deal, triggered after the close of the stock exchange on July 30, had a base transaction value of ₹5,861 crore ($700 million) and a green shoe option worth up to ₹8,373 crore.

The QIP attracted bids of around six times the base deal amount from a wide range of investors, including US utilities investors making their first entry into the Indian market, sovereign wealth funds, large Indian mutual funds and insurance companies.

The company said the proceeds will go towards developing evacuation routes for renewable energy, increasing energy efficiency and improving grid planning.

Additionally, these proceeds will be used to repay debt and improve overall corporate operations.

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