Adani Enterprises increases QIP size to Rs 15,000 crore, draws bumper 3.8x bids

Adani Enterprises increased its QIP size to Rs 15,000 crore after receiving 3.8 times oversubscription, with the order book fully pre-filled before launch. The company offered 34.7 million shares at Rs 2,883 apiece, a discount of about 9.27 percent to the previous close of Rs 3,177.50, drawing 65 percent domestic and 35 percent global institutional bids. Major investors included Capital Group, HDFC Mutual Fund, ICICI Mutual Fund, Kotak Mutual Fund, SBI Mutual Fund, BlackRock, Blackstone, Tata Mutual Fund and Birla Mutual Fund; proceeds will fund capex including a PVC plant and concession fees, reduce debt in solar and airport businesses, and support inorganic growth.