Mumbai: The board of Adani Enterprises has approved a plan to raise Rs 16,600 crore through the Qualified Institutional Placement (QIP) route, as announced in an exchange filing on Tuesday.
QIP is a capital-raising method commonly used in India, enabling listed companies to issue equity shares, fully and partly convertible debentures, or other securities (excluding warrants) convertible to equity shares to qualified institutional buyers (QIBs).
We wish to inform you that the Board of Directors… has inter-alia approved raising funds by issuing equity shares with a face value of Re 1 each of the Company and/or other eligible securities for an aggregate amount not exceeding Rs 16,600 crore. This will be achieved through QIP or other permissible modes in one or more tranches, Adani Enterprises said.
The decision is contingent upon obtaining necessary approvals, including an approval at the Annual General Meeting (AGM) scheduled for June 24, and other regulatory consents.
This latest fundraising announcement follows a previous approval in May 2023, when Adani Enterprises intended to raise Rs 12,500 crore through QIP but did not proceed.
In a related move, Adani Energy Solutions announced on Monday its plan to raise up to Rs 12,500 crore through QIP or other permissible methods.
Earlier today, reports surfaced that the Adani Group is considering applying for a license to operate on the Unified Payments Interface (UPI).
Adani is also exploring the possibility of offering online shopping services through the Open Network for Digital Commerce (ONDC), a government-backed public e-commerce platform.
