Adani Enterprises to raise Rs 12K cr via QIP

NEW DELHI: The flagship Gautam Adani Group firm — Adani Enterprises Ltd (AEL) – will be testing waters in the equity market for the first time since its aborted follow-on offer in February 2023. The company is planning to raise Rs 10,000-Rs 12,000 crore via qualified institutional placement (QIP) as early as September this year.

Sources close to the development confirmed the plans of Adani Enterprises. As per sources, top banks like State Bank of India (SBI), ICICI Bank and HDFC Bank are likely to participate in the QIP. Some foreign banks including Jefferies are likely to participate in the current round of the fundraising.

Last year, it had to scrap its Rs 20,000 crore follow-on offer after the Hindenburg report was released on 24 January 2024. The report had levelled serious allegations of price rigging and insider trading, among others, on Adani group. AEL in May this year has decided to enter the capital market again with Rs 16,600 crore equity fundraising plan to fund its growth plans.