New Delhi:

Billionaire Stanley Druckenmiller’s family office-led investment firms have made their maiden bet on Adani group, seeking shares of the conglomerate’s power transmission unit in an institutional sale that was oversubscribed six times and fetching demand of over Rs 50,000 crore against an issue size of USD 1 billion.

Duquesne Family Office and two other US-based long-only funds – Driehaus Capital Management and Jennison Associates – invested in the qualified institutional placement (QIP) of Adani Energy Solutions, sources with direct knowledge of the matter said.

The Rs 8,340 crore (USD 1 billion) issue saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business.

Sources said the issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance.

These investors are known for investing only in companies with high governance and are known for staying invested for decades.

The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value.

The demand generated made the Adani Energy Solution Ltd QIP the largest in the energy space.

Adani Energy Solutions’ stock gained over 15 per cent in intraday on Thursday before closing 11.24 per cent higher in Mumbai.

Duquesne is founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars.

Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners, Qatar Investment Authority (QIA), and International Holding Company (IHC).

These existing investors of the Adani group also participated in the QIP, sources said.

Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, Nomura Asset Management, and Eastspring.

Domestic mutual funds that have participated include SBI Mutual Fund, HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, and 360One among others.

Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to the sources.

QIP is an instrument used by listed companies to raise funds from large institutions.

The fundraising is the first after Adani group’s flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation.

Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out.

While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon.

Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore.

The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances.

The group had tapped the dollar bond market in March this year – the first time since the Hindenburg report – when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Billionaire Gautam Adani’s power transmission unit, Adani Energy Solutions, has received bids that are more than three times the amount the company plans to raise from a share sale, signalling strong investor interest.

Indian and international institutions have oversubscribed to Adani Energy Solutions Ltd.’s $1 billion share sale through the Qualified Institutional Placement, or QIP, according to people familiar with the matter, who asked not to be identified because the discussions are private.

This share sale marks the first equity fundraising by a unit of Adani Group following the damaging report released by short-seller Hindenburg Research in January 2023 alleging widespread corporate malfeasance by the conglomerate. Adani Group has repeatedly denied these allegations. 

It also came on the heels of another $1 billion share sale by Vedanta Ltd. earlier in July.

The planned $1 billion share sale comprises a base issue size of $700 million and an option to raise the rest. The shares are offered at an indicative price of 976 rupees, according to the terms of the deal obtained by Bloomberg News.

The Adani Group didn’t immediately reply to Bloomberg’s request for comment. Bloomberg reported last week Adani Energy will raise at least $600 million through the share sale and has picked domestic investment banks to work on it.

Adani Energy is India’s largest private-sector power utility and operates more than 21,100 circuit kilometres of transmission lines, according to its website. The company has a target of ramping up to 30,000 ckm by 2030 by tapping both organic and inorganic growth opportunities, it said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

Gautam Adani-led group’s power transmission unit, Adani Energy Solutions, has raised $1 billion through a share sale, the first public equity raise by the conglomerate since the Hindenburg report.

Adani Energy Solutions Ltd raised the funds through a qualified institutional placement (QIP) issue, sources with direct knowledge of the matter told Press Trust of India.

The QIP, which opened on Tuesday, was oversubscribed three times with demand of about Rs 26,000 crore – making it the largest transaction in India’s energy space.

The issue closed at Rs 1,135 per share, as against the issue price of Rs 976 per share or a 14 per cent listing discount.

QIP is an instrument used by listed companies to raise funds from large institutions.

PTI reported that marquee investors such as GQG, QIP, ADIA and a few top names in the US participated in the QIP. Domestic institutions including Bandhan MF, Nomura, and 360 India Infoline also participated in the issue.

The fundraising is the first after the group’s flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation.

The group vehemently denied all allegations, and listed companies of the conglomerate at one point saw over $150 billion of their market value being wiped out.

While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon.

Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore.

The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances.

The group had tapped the dollar bond market in March this year – the first time since the Hindenburg report – when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

In a stock exchange filing, Adani Energy Solutions Ltd (AESL) said its management has authorised the opening of the issue on Tuesday as well as approved the floor price for the issue.

The floor price was set at Rs 1,027 per equity share.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, Gujarat. FILE
| Photo Credit: REUTERS

Shares of all Adani Group companies tumbled on Tuesday as the initial trend showed BJP winning a lesser number of seats than predicted in exit polls.

The stock of Adani Ports plummeted 20 per cent, Adani Energy Solutions plunged 19.80 per cent, Adani Power slumped 19.76 per cent, Ambuja Cements tumbled 19.20 per cent and the group’s flagship firm Adani Enterprises tanked 19.13 per cent on the BSE.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.

Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 per cent in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.

The stock of the majority of the group firms, including Adani Enterprises, Adani Ports, Adani Power and Adani Green, also bounced back to their pre-Hindenburg Research report levels on Monday.

The BJP-led NDA was ahead with leads in 296 seats and the opposition INDIA bloc not far behind in 227 seats as votes were counted for the Lok Sabha elections on Tuesday, setting the course for a third consecutive term as prime minister for Narendra Modi but with a stronger opposition.

While the BJP was ahead in 236 of 542 seats, the Congress had leads in 97, signalling a dip for the ruling party from the 303 score in 2019 and a spike for the opposition party’s 52 from the last election. An election marked by acridity and acrimony could end with the treasury benches in reduced numbers and an opposition with more teeth.

ALSO READ:Adani Group’s FY24 net jumps 55%; mulls $90-billion capex

In trends available till 11.45 am, the NDA was close to the 300 mark, comfortably over the magic figure of 272 with the opposition INDIA bloc making significant gains.

Shares of all group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.

New Delhi:

Adani Electricity Mumbai Ltd on Thursday signed an agreement to acquire 100 per cent stake in Pointleap Projects Pvt Ltd (PPPL) for a consideration of Rs 13.15 crore.

Adani Electricity Mumbai Limited (AEML) is a subsidiary of Adani Energy Solutions Ltd (AESL).

“AEML today executed Share Purchase Agreement (SPA) with Windson Projects LLP (WPLLP) for acquiring 100 per cent equity shares of PPPL,” AESL said in a regulatory filing.

The acquisition is expected to be completed within 4-5 working days from the execution date of SPA, it said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

Adani Energy Solutions on Monday said it has commissioned the Khargar-Vikhroli transmission line to supply an additional 1,000 MW of power to Mumbai city.

“Kharghar Vikhroli Transmission Ltd (KVTL), which will enable additional power to be brought into Mumbai and thus enable in meeting the city’s growing and future electricity demand, is commissioned,” a company statement said.

Built by Adani Energy Solutions Ltd (earlier known as Adani Transmission Ltd) — the energy solution, transmission and distribution arm of the Adani group — the project is critical for Mumbai, as the existing capacity of the transmission corridor is not sufficient to carry further power into the city, it stated.

Mumbai witnessed grid failure twice recently – on February 27, 2022, and October 12, 2020 — localities across the metropolis went dark for a considerable period, it noted.

The Kharghar-Vikhroli line will bring an additional 1,000 MW of reliable power to Mumbai city as a solution to mitigate any such incidents in the future, it noted.

With this project’s commissioning, Mumbai gets a 400 KV grid within its municipal geography, bringing enhanced import capability within its electricity grid and improving reliability and stability, it stated.

For consumers, it provides much more sustainability to commuting through bullet trains, metro rail and city railways, and also for commercial and residential establishments.

The KVTL comprises approximately 74 circuit kilometres of 400 kV and 220 kV transmission lines, along with a 1,500 MVA 400kV Gas Insulated Substation (GIS) at Vikhroli, the first 400KV substation of its kind in Mumbai.

Occupying approximately 9,500 sq m area, it has the most compact design when it comes to 400 KV substations. Its unique design vertically stacks 400kV and 220kV GIS, thus minimising space requirements.

The project starts in the Kharghar area of Navi Mumbai, traverses through its urban locations and terminates at Vikhroli in Mumbai city.