Adani raises Rs4,000 crore in QIP placement of shares
23 Jul 2010
Adani Enterprises Ltd has announced the successful closure of its equity sale to qualified investors to raise a total of Rs4,000 crore.
In a filing with the Bombay Stock Exchange (BSE), the company said it has decided to close the issue of shares priced at Rs536.15 each, pursuant to the qualified institutions placement of the equity shares.
The company will issue a total of 7,46,05,987 equity shares of face value of Rs1 each, at a premium of Rs535.15 a share, to raise Rs4,000 crore.
The issue received applications worth about Rs5,500 crore against the proposed issue size of about Rs4,000 crore.
Overseas investors, including Schrodder Investment, Fidelity, Janus Group, Eaton Park Capital, Discovery Group, as also domestic major Reliance Capital are reported to have subscribed to QIP offer.
Citigroup, Bank of America Merrill Lynch, Morgan Stanley, UBS, IDFC Capital, Enam Securities, ICICI Securities and Kotak Mahindra Capital were managers to the issue.
The proceeds will be used to fund Adani's mining business.