Adani Enterprises Ltd. on Wednesday announced the launch of its qualified institutional placement offer worth Rs 4,200 crore at a floor price of Rs 3,117.47 per share.
The floor price is at a discount of 6.08% of the closing price of Rs 3,153.75 per share on NSE. The company will issue 1.42 crore shares having a face value of Rs 1 each.
The company may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue, according to an exchange filing.
“We wish to inform you that pursuant to the approval accorded by the board of directors of the company, at its meeting held on May 28, 2024, and the special resolution passed on June 24, 2024, by the members of the company, the QIP committee has, at its meeting held today, i.e., Oct. 9, 2024,” the filing said.
Earlier on May 28, Adani Enterprises’ board approved raising Rs 16,600 crore via qualified institutional placement and other modes. The company’s board approved raising of funds by way of issuance of such number of equity shares or other eligible securities worth the amount.
The QIP committee has approved and adopted the preliminary placement document dated Oct. 9, 2024, and the application form in connection with the issue, it said.
SBI Capital Markets Ltd., Jefferies India Private Ltd., and ICICI Securities Ltd. have been appointed as the bookrunning lead managers for the issue. Further Cantor Fitzgerald & Co. has been appointed as an advisor in connection with the issue.