Adani Energy Solutions’ $1 billion qualified institutional placement (QIP) was oversubscribed six times, drawing over Rs 500 billion in demand. Billionaire Stanley Druckenmiller’s Duquesne Family Office and two other US-based long-only funds, Driehaus Capital Management and Jennison Associates, made their maiden investment in the Adani Group’s power transmission business through this QIP. The $1 billion QIP attracted more than 120 investors interested in the power transmission, distribution, and smart metering sectors.
Other top global investors in the QIP include Blackrock, Jupiter Asset Management, Nomura Asset Management, and Eastspring. Domestic mutual funds such as SBI Mutual Fund, HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, and LIC also participated.
Adani Energy Solutions posted a 73% net profit growth in Q1, with revenue up 43%. For the April-June quarter, operational revenue surged 47% year-on-year to Rs 53.79 billion, and adjusted profit after tax (PAT) reached Rs 3.15 billion, up 73%. Operational EBITDA was Rs 16.28 billion, a 29.7% year-on-year increase.