INQ Holdings, SBI, Citigroup Lead $1 bn QIP in Adani Energy

06 Aug 2024 CW Team

According to a stock exchange filing by the company, the largest purchasers of shares in Adani Group's power transmission unit's $1 billion Qualified Institutional Placement (QIP) were a unit of Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup.

The Rs 83.73 billion QIP of Adani Energy Solutions (AESL), which concluded last week, attracted over 120 investors seeking shares in the firm, which operates in power transmission, distribution, and smart metering.

Investment firms led by billionaire Stanley Druckenmiller's family office were among those that acquired shares in AESL during the QIP.

In the filing, AESL indicated that its board had approved the allocation of more than Rs 80.57 million shares to eligible qualified institutional buyers at an issue price of Rs 976 per share. This price reflected a discount of Rs 51.11 (4.98 per cent) from the floor price of Rs 1,027.

The filing detailed that INQ Holdings LLC, a wholly-owned subsidiary of QIA, obtained 15 per cent of the shares sold. Citigroup's two Mauritius funds acquired 8.88 per cent of the shares, while four SBI funds "SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long Term Advantage Fund Series IV, and SBI Magnum Children's Benefit Fund" together secured 7.93 per cent of the shares. Additionally, Nomura Singapore Ltd ODI obtained 7.5 per cent of the shares.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..