BENGALURU (Reuters) -India’s Adani Energy Solutions raised $1 billion through a share sale, which got bids from U.S. investors and sovereign wealth funds, the power distribution company said on Monday.
The qualified institutional placement (QIP) was the Adani Group’s first fundraising from equity markets after a $2.5 billion share sale was scrapped in February last year.
The issue received bids from utility-focussed U.S. investors entering India for the first time along with sovereign wealth funds, Indian mutual funds, and insurance companies, Adani Energy said.
It did not disclose the names of the investors.
Reuters reported last week that investment firm GQG Partners and sovereign wealth funds Abu Dhabi Investment Authority and Qatar Investment Authority have invested in the share sale.
“The QIP saw overwhelming demand, receiving bids of approximately 6 times of the base deal size,” Adani Energy said in a statement.
Proceeds from the QIP will be used to invest in its power transmission assets, smart metering business, and to repay debt, the company added.
(Reporting by Nishit Navin and Varun Hebbalalu; Editing by Mrigank Dhaniwala and Eileen Soreng)
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