Adani Enterprises on Wednesday announced the launch of a Qualified Institutional Placement. The company said it has fixed the floor price for QIP at Rs 3,117 per share, in a release.
The board of the company met today and approved the QIP issue. The statement said that the company may offer a discount of up to 5% on the floor price at its discretion.
“The relevant date for the issue as per Regulation 171(b) of the SEBI ICDR Regulations is October 9, 2024. The floor price for the issue in terms of regulation 176(1) of the SEBI ICDR Regulations is Rs 3,117.4750 per equity share. The company may offer a discount of not more than 5% on the floor price,” it said.
SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities Limited have taken on the role of book-running lead managers for the QIP issue, the release added.
Cantor Fitzgerald & Co. has taken on the role of advisor to the issue. Adani Enterprises will finalize the issue price in consultation with the BRLMs.
The release also stated that Adani Enterprises has not registered the equity shares offered in this issue under the U.S. Securities Act of 1933, nor will it register them. The company cannot offer or sell the shares in the United States unless it meets an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws is available. Or in a transaction not subject to the registration requirements of the U.S. Securities Act and applicable state securities laws. The release said that no public offering of any of these securities is contemplated in the United States.
The QIP comes as Adani Enterprises is also continuously expanding its business operations.
Additionally, It will be helpful in raising funds for the growth and investment plans of the company.
The QIP is a route for companies to raise funds from institutional investors. At the floor price, this will be Rs 3,117 a share, which could lead to sizeable capital after the issue of shares. However, the company has kept its options open by permitting a discount that can allow institutional investors to invest at a lesser price.
Moreover, the issue is a key development for Adani Enterprises in its quest to strengthen its financial position. And expand its portfolio of businesses. The leadership of the company, complemented by a well-articulated growth strategy, has made it one of India’s leading business houses.
ANI
