INQ Holdings, SBI, Citigroup Lead $1 bn QIP in Adani Energy
POWER & RENEWABLE ENERGY

INQ Holdings, SBI, Citigroup Lead $1 bn QIP in Adani Energy

According to a stock exchange filing by the company, the largest purchasers of shares in Adani Group's power transmission unit's $1 billion Qualified Institutional Placement (QIP) were a unit of Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup.

The Rs 83.73 billion QIP of Adani Energy Solutions (AESL), which concluded last week, attracted over 120 investors seeking shares in the firm, which operates in power transmission, distribution, and smart metering.

Investment firms led by billionaire Stanley Druckenmiller's family office were among those that acquired shares in AESL during the QIP.

In the filing, AESL indicated that its board had approved the allocation of more than Rs 80.57 million shares to eligible qualified institutional buyers at an issue price of Rs 976 per share. This price reflected a discount of Rs 51.11 (4.98 per cent) from the floor price of Rs 1,027.

The filing detailed that INQ Holdings LLC, a wholly-owned subsidiary of QIA, obtained 15 per cent of the shares sold. Citigroup's two Mauritius funds acquired 8.88 per cent of the shares, while four SBI funds "SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long Term Advantage Fund Series IV, and SBI Magnum Children's Benefit Fund" together secured 7.93 per cent of the shares. Additionally, Nomura Singapore Ltd ODI obtained 7.5 per cent of the shares.

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According to a stock exchange filing by the company, the largest purchasers of shares in Adani Group's power transmission unit's $1 billion Qualified Institutional Placement (QIP) were a unit of Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup. The Rs 83.73 billion QIP of Adani Energy Solutions (AESL), which concluded last week, attracted over 120 investors seeking shares in the firm, which operates in power transmission, distribution, and smart metering. Investment firms led by billionaire Stanley Druckenmiller's family office were among those that acquired shares in AESL during the QIP. In the filing, AESL indicated that its board had approved the allocation of more than Rs 80.57 million shares to eligible qualified institutional buyers at an issue price of Rs 976 per share. This price reflected a discount of Rs 51.11 (4.98 per cent) from the floor price of Rs 1,027. The filing detailed that INQ Holdings LLC, a wholly-owned subsidiary of QIA, obtained 15 per cent of the shares sold. Citigroup's two Mauritius funds acquired 8.88 per cent of the shares, while four SBI funds SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long Term Advantage Fund Series IV, and SBI Magnum Children's Benefit Fund together secured 7.93 per cent of the shares. Additionally, Nomura Singapore Ltd ODI obtained 7.5 per cent of the shares.

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