Adani Energy Solutions to launch ₹6,000-cr QIP today; floor price fixed at ₹1,027

Adani Energy Solutions, formerly known as Adani Transmission, said it will launch its ₹6,000-crore qualified institutional placement (QIP) today. Ahead of the QIP launch, shares of Adani Energy Solutions ended 6.95% higher at ₹1,125.40 on the BSE.

The power transmission arm of Adani group has fixed the floor price at ₹1,027.11 per share. The company has also proposed to offer a discount of not more than 5% on the floor price for the QIP.

“We wish to inform that the board of directors of the company, at its meeting held on May 27, 2024 and the special resolution passed at the AGM held on June 25, 2024, at its meeting held today passed resolutions for the opening of the issue today, i.e. 30th July, 2024,” Adani Energy Solutions says in an exchange filing.

“…the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹1,027.1125 per equity share,” it adds.

SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited have been appointed as the book running lead managers for the Issue (“BRLMs”). Further, Cantor Fitzgerald & Co. has been appointed as an advisor in connection with the Issue.

As per media reports, Rajiv Jain-led GQG Partners, Abu Dhabi Investment Authority, Qatar Fund, US-based funds are likely to participate in the QIP. Among mutual funds, Bandhan MF, Axis MF, Nomura, IIFL are also expected to invest in the scheme. 

Last week, Adani Energy Solutions released its June quarter earnings report, posting a consolidated net loss (attributable to the owners of the company) at ₹824 crore for the quarter ended June 30, 2024 as against ₹175 crore net profit reported in the year ago period.

The revenue from operations grew 47% to ₹5,379 crore as compared to ₹3,664 crore in the corresponding period last fiscal. The revenue growth was attributed to contribution from the newly operationalised transmission assets, line addition at under-construction projects and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra and contribution from smart metering business.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)