Finance UAE and Qatari funds buy into India’s Adani $1bn share sale By Pramod Kumar July 31, 2024, 6:06 AM Reuters/Amit Dave The share sale of Adani Energy Solutions was oversubscribed five times, with order books reaching $5 billion, according to a media report Sovereign wealth funds from the UAE and Qatar have invested in Indian billionaire Gautam Adani’s first share sale following US short-seller Hindenburg Research’s alleged fraud report last year. The Abu Dhabi Investment Authority and Qatar Investment Authority have invested in Adani Energy Solutions’ qualified institutional placement, which raised up to $1 billion, Reuters reported citing informed sources. NewsletterGet the Best of AGBI delivered straight to your inbox every week The terms of the $700 million share sale included a green-shoe option (an agreement that gives the underwriter the right to sell more shares than planned) for another $300 million, the report said. The floor price of the QIP was fixed at INR1,027.11 ($12.26) per share, the Bombay Stock Exchange-listed company said in a filing on Tuesday. CNBC-TV18, an Indian financial news channel, claimed the share sale was oversubscribed five times, with order books reaching $5 billion. The sale was at a 10 percent discount to Tuesday’s closing price. From taxes to FDI rules – how India’s budget affects the Gulf ADIA consortium in $5bn bid for Indian snack maker Haldiram’s FAB rules out bid for stake in India’s Yes Bank Other foreign funds included US-based GQG and Duquesne Capital, and Singapore’s Nomura, the news channel said. Local Indian funds investing included SBI Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund, White Oak Capital and Axis Mutual Fund. In February 2023 Adani Enterprises, the flagship entity of Adani’s empire, scrapped its Rs200 billion fundraising share sale following the Hindenburg report.
