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Adani Enterprises ready to raise funds from QIP, this is the company’s plan regarding loan

by Aaryan Srivastav
October 9, 2024
share

Adani Enterprises Limited, the leading company of billionaire Gautam Adani, is going to raise $ 2 billion through Qualified Institutional Placement (QIP). The group of institutional investors with whom talks were going on to raise funds include Abu Dhabi Investment Authority and Qatar Investment Authority, apart from sovereign wealth funds as well as investors like Rajeev Jain’s GQG. The proposed QIP of shares is likely to be launched before the end of October.

what is the plan

Adani Enterprises is going to use the money raised from QIP for capital expenditure as well as to repay some loans of the company and its subsidiaries. Let us tell you that in September itself, the leading company of Adani Group i.e. Adani Enterprises raised about Rs 800 crore through debenture sale. The company’s first NCD issue opened on September 4, 2024 and closed on September 6, 2024.

The NCD issue involved the issue of up to 80,00,000 secured, rated, listed, redeemable, non-convertible debentures (NCDs) of Rs 1,000 face value. Its amount was Rs 400 crore. There was an additional option to retain the total over-subscription of up to Rs 400 crore to Rs 800 crore.

Plan on NCD amount

Adani Enterprises had then said that the proceeds from the issue will be used primarily for full or partial prepayment or re-payment of existing debt (minimum 75 per cent) and for general corporate purposes (up to 25 per cent) in accordance with SEBI norms. ) will be done for.

share status

Shares of Adani Enterprises looked sluggish on Wednesday. The stock fell 0.42% to close at Rs 3152 on the third day of the week. The stock has gained 8.10 percent this year and has given a return of 29.15% in one year. The 52-week high of the share is Rs 3,743. The share was at this price in June 2024. The share price in November 2023 was Rs 2,142.30. This share price is 52 weeks low.

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