Shares of Adani Enterprises fall 2% as the firm approved the sale of 4,200 crore shares through QIP.
A floor price of Rs 3,117.4750 per share has been established for the same.
The Adani Group firm has the option to provide a floor price reduction of up to 5%. The issue launched on Wednesday.
Cantor Fitzgerald & Co. has been selected as an advisor in relation to the transaction, while SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited have been named as the book running lead managers (BRLMs) for the offering.
The problem was approved by the company’s QIP committee at its meeting on May 28, 2024, and a special resolution was enacted in June for the same purpose.
On the NSE, Adani Enterprises shares closed the day at Rs 3,152.90, down Rs 13.25 or 0.42% from Tuesday’s closing price.
“We wish to inform you that the Board of Directors… has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Re 1 each of the Company and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches,” Adani Enterprises stated on May 28 in a regulatory document.
In May 2023, Adani Enterprises last received board clearance to finance Rs 12,500 crore through a QIP; however, the fundraising effort was abandoned.
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