Lucknow Press
Mumbai: There is a competition for the shares of Adani Power, the power company of the Adani Group. A unit of Qatar Investment Authority, SBI Mutual Fund and foreign investment funds Nomura and Citigroup are among the biggest buyers of shares in the $1 billion qualified institutional placement (QIP) of Adani Power Transmission Unit.
Adani Energy Solutions Limited’s (AESL) Rs 8,373.10 crore (US$1 billion) QIP closed last week. More than 120 investors bid for shares of the power transmission, distribution and smart metering business company. Investment firms led by the family office of billionaire Stanley Druckenmiller are among the companies that have bid for AESL shares in the QIP.
AESL said in a regulatory notice that its board of directors has approved the allotment of over 8.57 crore shares to qualified institutional buyers at an issue price of Rs 976 per share, a discount of Rs 51.11 (4.98 per cent) to the minimum price of Rs 1,027. Giving details of allottees who got more than five per cent shares, it said QIA’s wholly-owned subsidiary INQ Holdings LLC has acquired 15 per cent shares.
Two Mauritius funds of Citigroup bought 8.88 per cent shares, while four SBI funds – SBI Infrastructure Fund, SBI Large and Midcap Fund, SBI Long Term Advantage Fund Series-IV and SBI Magnum Children’s Benefit Fund – together acquired 7.93 per cent shares. Nomura Singapore Limited ODI has bought 7.5 per cent shares. INQ acquired about 2.7 per cent stake in Adani Green Energy Limited, the renewable energy firm of billionaire Gautam Adani’s group, in August last year. In 2020, it acquired stake in Adani Electricity Mumbai Limited, a subsidiary of AESL. Last week, AESL QIP was oversubscribed six times. Bids of more than Rs 50,000 crore were received against the issue size of one billion dollars.
