Adani Enterprises taps Gulf sovereign funds for $2-Billion funds

10 Oct 2024 , 10:48 AM

Adani Enterprises Limited, Billionaire Gautam Adani’s flagship firm, is in talks with a bunch of institutional investors, including Gulf-based sovereign wealth funds such as Abu Dhabi Investment Authority and Qatar Investment Authority, as well as investors such as Rajiv Jain’s GQG, for a $2 Billion qualified institutional placement (QIP).

According to the sources, the projected institutional share sale would likely take place before the end of the month. Adani Enterprises is in talks with a dozen institutional investors, including ADIA, QIA, and GQG, who have previously supported Adani Group enterprises. The QIP will be launched once they have firm commitments from these institutional investors,” stated one of the individuals.

The funds collected through the proposed QIP will be used for capital expenditure as well as to repay part of the company’s and its subsidiaries’ debt.

Adani Enterprises, which serves as an incubator for many of the group’s innovative enterprises, houses the group’s airports, mining, infrastructure, data centres, and green hydrogen operations.

The Adani Enterprises QIP follows a similar institutional share sale of Adani Energy Solutions Limited at the end of July. Adani Energy Solutions is the Adani Group’s transmission and electricity distribution business.

Adani Enterprises raised ₹800 Crore from retail investors using debt instruments in their first entrance into the retail NCD market last month.

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