Adani Enterprises Plans to Raise $2 Billion Through QIP Next Week

Adani Enterprises is planning to raise up to $2 billion through a Qualified Institutional Placement (QIP) by the middle of next week. The company has already received interest for the amount from large investors in the US, Europe, the Middle East, and India. The offer will be split into two parts: a base amount of $1.25 billion and an additional option for $750 million.

In addition, Adani Group and Wilmar are preparing to sell about a 13% stake in Adani Wilmar by the end of this month or early November. This is being done to reduce the promoter’s stake in the company to 75%, as required by local regulations for listed companies. Adani and Wilmar each currently own about 44% of the company. The sale is expected to be worth around ₹5,900 crore, based on Adani Wilmar’s market value.

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This will be the first major equity fundraising for Adani Enterprises after a US-based firm, Hindenburg, made accusations of poor corporate governance earlier. Despite raising ₹20,000 crore last year through a public offer, the company returned the funds due to a sharp fall in stock prices.

In July, Adani Energy Solutions, another group company, raised $1 billion through a QIP, marking the largest such fundraising in the Indian power sector. Adani Enterprises also raised ₹800 crore last month through non-convertible debentures.

The group plans to sell shares worth ₹30,000 crore over the next nine months as part of a strategy to balance its holdings in different companies, with a goal of maintaining a 64-68% stake in them.