Adani Energy raises $1 billion with strong interest from US investors
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Adani Energy Solutions has successfully raised $1 billion through a share sale, attracting bids from US investors and sovereign wealth funds, the company announced on Monday.
This qualified institutional placement (QIP) marks the Adani Group's first equity market fundraising since the $2.5 billion share sale was canceled in February last year.
The issue saw significant interest from US investors with a focus on utilities, who are entering the Indian market for the first time, as well as from sovereign wealth funds, Indian mutual funds, and insurance companies. The names of the specific investors were not disclosed by Adani Energy.
According to a report by Reuters last week, investment firm GQG Partners, Abu Dhabi Investment Authority, and Qatar Investment Authority were among those who participated in the share sale.
"The QIP received an overwhelming response, garnering bids approximately six times the base deal size," Adani Energy stated in a press release.
The proceeds from this fundraising will be allocated to investing in the company's power transmission assets, smart metering business, and debt repayment, Adani Energy added.