Adani Enterprises approves Rs 166 bn QIP

30 May 2024 CW Team

Adani Enterprises has green-lit a Qualified Institutional Placement (QIP) to raise up to Rs 166 billion, as confirmed by the company in an exchange filing. The issuance, with shares valued at Rs 1 each, will be conducted in one or more tranches. Additionally, Adani Energy Solutions, a group entity, secured board approval to raise Rs 125 billion through a QIP. Combined, the two companies aim to raise a substantial sum of Rs 291 billion, equivalent to approximately $3.5 billion.

Earlier reports from ET indicated plans for the two entities to raise around Rs 240 billion, fuelled by interest from new international investors eyeing India's infrastructure landscape. Adani Enterprises' move marks its first foray into capital markets since its follow-up public offer last year. While its previous FPO, valued at Rs 200 billion, was successful, the company opted to refund the capital to shareholders due to a significant share price downturn. This downturn was triggered by allegations from US-based short seller Hindenburg, causing a 65% crash in Adani Enterprises' shares between January and February last year. Though there was some recovery throughout the year, the shares concluded with a 26% loss. In contrast, shares of Adani Energy Solutions witnessed a nearly 60% decline in 2023, followed by a modest 4% uptick in 2024, still far below their 2023 peak levels.

Both Adani Enterprises and Adani Energy Solutions had previously obtained board approval for a QIP fundraising initiative last year but postponed the endeavour at that time.

(ET Infra)

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..