The power distribution firm announced that Adani Energy Solutions, an Indian company, had raised $1 billion through the sale of shares, drawing bids from both sovereign wealth funds and American investors. The Adani Group's first public market funding came via the qualified institutional placement (QIP), following the cancellation of a $2.5 billion share sale in February of last year.
Adani Energy claimed that bids for the offer came from insurance companies, sovereign wealth funds, and utility-focused U.S. investors making their maiden trip into India. The investors' names were kept a secret.
According to a report from last week, the share sale included investments from national wealth funds Abu Dhabi Investment Authority and Qatar Investment Authority as well as investment firm GQG Partners.
In addition, AESL is in charge of the smart meter installation program in India and works with business and industrial organizations to improve energy efficiency. Along with supplying dependable renewable energy solutions to commercial and industrial clients, the company is also investing in lowering energy intensity through its cutting-edge Cooling as a Solution (CaaS) products.
Adani Energy said in a statement, "The QIP saw overwhelming demand, receiving bids of approximately 6 times the base deal size." The company stated that it will use the QIP proceeds to pay down debt, reinvest in its smart metering venture, and acquire power transmission assets.
