Shares of Adani Enterprises Ltd. continue to remain in focus on Friday, July 3, after the company increased the size of its qualified institutional placement (QIP) to ₹15,000 crore, following strong demand from institutional investors.
The QIP, which opened on July 2, was initially launched with a base issue size of ₹10,000 crore.
However, the company decided to upsize the offering after receiving bids worth nearly ₹38,000 crore, representing about 3.8 times the original issue size.
Adani Enterprises has set the indicative issue price at ₹2,883 per equity share, which is at a 5% discount to the SEBI-prescribed floor price of ₹3,034.68 per share. The price is also 9.27% lower than the stock's closing price of ₹3,177.50 on July 2.
The company said the proceeds from the QIP will be used to fund capital expenditure for the expansion of its incubation businesses.
Earlier this week, the board approved the launch of the issue and fixed the floor price at ₹3,034.68 per share, while retaining the flexibility to offer a discount of up to 5%, in line with SEBI regulations.
The final issue price will be determined in consultation with the book-running lead managers. SBI Capital Markets, Jefferies India, ICICI Securities and IIFL Capital Services have been appointed to manage the offering.
The company has also filed the preliminary placement document with both the BSE and the NSE.
In April, Adani Enterprises had approved plans to raise up to ₹15,000 crore through the issuance of equity shares or other eligible securities, subject to shareholder approval, which was obtained at its annual general meeting held on June 24.