Adani Energy Solutions’ Rs 3,500 crore qualified institutional placement (QIP) drew bids worth more than Rs 10,800 crore, with demand exceeding three times the issue size as domestic mutual funds, insurers, foreign investors and Azim Premji’s investment firm piled into the fundraising, according to people familiar with the matter.
The QIP was oversubscribed by 3.1 times and closed at an issue price of Rs 1,615 per share. Adani Energy Solutions did not exercise the greenshoe option despite the strong demand, keeping the fundraising at Rs 3,500 crore.
