A clutch of foreign and domestic investors participated in the Adani Enterprises qualified institutional placement (QIP) issue that was open for a day, on Friday, sources aware of the details told ET.
Adani Enterprises had initially launched a ₹10,000 crore QIP on July 2, with a greenshoe option of ₹5,000 crore. Following strong demand, the company upsized the issue to ₹15,000 crore.
The QIP saw bids worth around ₹38,000 crore, translating into nearly four times the subscription of the base issue size.
The indicative issue price was fixed at ₹2,883 per share, representing a 5% discount to the Sebi floor price of ₹3,034.68 and about a 9.3% discount to the July 2 closing price of ₹3,177.50 on the NSE.
The stock climbed 1.02% to ₹3,209 on Friday.
The company plans to issue around 34.7 million shares, which would result in a dilution of about 2.6% of its post-issue equity.
Despite the near-term pressure, the stock has delivered strong gains, rising around 42% so far this year, compared to a 7% decline in the benchmark Nifty 50. The company's market capitalisation stood at about ₹3.71 lakh crore as of Friday's close.
The proceeds from the QIP will be used to fund capital expenditure for scaling up its incubation businesses, repay debt, and support general corporate purposes. This includes potential inorganic growth opportunities through acquisitions and strategic investments.
The QIP followed Adani Enterprises' earlier placement in October 2024 and the ₹25,000 crore rights issue in the second half of FY26, which was executed in three tranches.
Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities were the book-running lead managers to the issue.
