Adani Transmission Ltd plans to raise up to ₹3,000 crore through a soon-to-be-launched qualified institutional placement (QIP) offering, said two people aware of the development, requesting anonymity.
“Adani Transmission has been preparing to launch an equity share sale through a QIP offering. They have appointed five investment banks—Kotak Mahindra Capital, Citi, Credit Suisse, Edelweiss and JM Financial—to manage the share sale. They plan to raise around ₹3,000 crore, though they have an approval to raise up to ₹5,000 crore,” said the first person cited above. The company is looking to complete the fundraising by the end of this quarter, the person added.
QIP is a capital-raising tool through which listed companies can sell their equity shares, fully and partly convertible debentures, or any other securities, barring warrants, that are convertible into stocks, to a qualified institutional buyer.
In August, shareholders of Adani Transmission approved a plan to raise up to ₹5,000 crore through an equity share sale. Read more
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