By Chandini Monnappa and Vivek Kumar M
India's Adani Enterprises NSE:ADANIENT increased the size of its qualified institutional placement by 50% to 150 billion rupees ($1.75 billion) after attracting bids worth about 380 billion rupees, or 3.8 times the base offer, two sources told Reuters on Friday.
The placement comes as the flagship company of the Adani Group accelerates investments in some of its businesses including airports, roads, data centers and green hydrogen.
The company priced the issue at an indicative 2,883 rupees per share, according to the sources, a 5% discount to the regulatory floor price of 3,034.68 rupees, and a 9.3% discount to Thursday's closing price of 3,177.50 rupees.
Adani Enterprises did not immediately respond to Reuters request for comment.
Its shares fell as much as 2.3% earlier on Friday, but reversed course to trade flat at 3,179.40 rupees as of 2:09 p.m. IST.
Last December, the company raised $2.8 billion via a rights issue, marking its biggest capital raise since a short-seller's allegations roiled the ports-to-power conglomerate in 2023.
The latest fundraise, which opened on Thursday with a base issue size of 100 billion rupees, drew interest from investors including BlackRock and Blackstone as well as mutual funds managed by HDFC AMC, ICICI Prudential AMC, Kotak Mahindra AMC and SBI Funds Management.
Adani Enterprises will use the proceeds to fund capital expenditure, including building a polyvinyl chloride plant and paying concession fees for a road project.
($1 = 95.2550 Indian rupees)