Adani Enterprises Limited (BSE:512599), the company of billionaire Gautam Adani, is in talks with a group of institutional investors, including Gulf-based sovereign wealth funds such as Abu Dhabi Investment Authority and Qatar Investment Authority, as well as investors such as Rajiv Jain?s GQG (GQG Partners LLC), for a $2 billion qualified institutional placement (QIP), people aware of the matter told Moneycontrol. The proposed institutional share sale is expected to be launched before the end of this month, the sources added. Adani Enterprises is in talks with around a dozen institutional investors, including ADIA, QIA and GQG, who have backed Adani group companies in the recent past.
The QIP will be launched once firm commitments are made by these institutional investors,” said one of the people cited above. An email sent to the Adani group did not elicit a response till now of publication.
ADIA declined to comment, while emails sent to GQG and QIA went unanswered. The funds to be raised under the proposed QIP are expected to be used for capital expenditure as well as to repay part of the debt of the company and its subsidiaries. On May 28, the company’s board approved plans to raise up to INR 166,000 million through a QIP.
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