Adani Enterprises’

QIP draws Rs 4,000 cr

BS REPORTER capital raising out of India in
Mumbai, 21 July this calendar year and the best
US response in an Indian deal
n the largest qualified in- in more than three years," said

I stitutional placement this a banker associated with the

year, Adani Enterprises’ deal. In April, GMR Infra raised
share sale today received huge $315 million (Rs 1,400 crore)
response, almost twice as much via a QIP and YES Bank had a
as the original fund raising QIP issue of $225 million (Rs
plan. 1,000 crore) in January.
The response The Ahmed-
has enabled it to Around 57% of the abad-based com-
raise as much as
Rs 4,000 crore
demand came pany issued shares
at Rs 536.15 each,
($850 million), from the US, 14% which is at a 1.5
while the plan from Europe, 25% per cent discount
was to raise $600 to the last sale. The
million (Rs 2,800 from Asia and the company's stock
crore). The QIP, rest from India went up by 0.95
which opened per cent, to close
yesterday, has re- at Rs 549 per
ceived offers amounting to share in today's trade.
as much as Rs 5,500 crore ($1.2 The share sale was man-
billion). The issue closed to- aged by an eight-bank syndi-
day and the formalities will be cate, with Bank of America
completed tomorrow. Merrill Lynch the lead book
More than 40 accounts have runner. The other bankers are
participated in the deal, and 65 Citigroup, Morgan Stanley, ID-
per cent of the demand came FC Capital, Enam Securities,
from long-only investors such ICICI Securities, Kotak Mahin-
as pension funds. Around 57 dra Capital and UBS.
per cent of the demand came The Gautam Adani-led com-
from the US, 14 per cent from pany has increased its pres-
Europe, 25 per cent from Asia ence across sectors such as
and the rest from India, mer- coal mining, power generation,
chant banking sources say. oil and gas exploration, gas
"This is the largest primary distribution and ship fuelling.