On Oct 9, Shares of Adani Enterprises (ADANIENT, Financial) dropped by 2%, following the company's announcement of a Rs 4,200 crore share sale through a Qualified Institutional Placement (QIP). The floor price has been set at Rs 3,117.4750 per share. This move comes as part of Adani's strategy to raise funds, with the potential for a discount of up to 5% on the floor price offered to investors.
Managed by notable firms, including SBI Capital Markets, Jefferies India, and ICICI Securities, with advisory support from Cantor Fitzgerald, the issue opened on Wednesday. Despite the initial drop, shares settled at a slightly higher Rs 3,152.90 by the session's end, marking a 0.42% decrease from the previous day's close.
This financial turnover is part of a broader strategy by Adani Enterprises, which had previously contemplated a QIP of Rs 12,500 crore in May 2023 but had stalled those plans. The current approval aims to fund up to Rs 16,600 crore in equity or securities, reflecting Adani's ongoing efforts to strengthen its financial standing through substantial capital-raising initiatives.
