INQ Holdings, SBI Funds, and Citigroup lead investors in Adani Energy QIP

ani Energy QIP: A subsidiary of Qatar Investment Authority (QIA), SBI Mutual Fund, and foreign investment firms Nomura and Citigroup emerged as largest investors in ani Energy Solutions Ltd’s (AESL) $1 billion qualified institutional placement (QIP), according to a stock exchange filing.

QIP, which closed last week with a total issue size of Rs 8,373.10 crore (approximately $1 billion), attracted over 120 investors. offering, which focuses on power transmission, distribution, and smart metering, was oversubscribed six times, generating a demand of over Rs 50,000 crore.

AESL’s filing revealed that its board has approved allocation of more than 8.57 crore shares to qualified institutional buyers at an issue price of Rs 976 per share, representing a discount of Rs 51.11 (4.98 per cent) from floor price of Rs 1,027.

Among key investors, INQ Holdings LLC, a wholly-owned subsidiary of QIA, acquired 15 per cent of shares sold. Citigroup’s Mauritius-based funds purchased 8.88 per cent of shares, while four SBI funds—SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long Term vantage Fund Series IV, and SBI Magnum Children’s Benefit Fund—toger acquired 7.93 per cent. Nomura Singapore Ltd ODI obtained 7.5 per cent of shares.

Notably, investment firms linked to billionaire Stanley Druckenmiller were among those who participated in QIP. filing did not disclose exact shareholding of Duquesne Family Office, Driehaus Capital Management, and Jennison Associates, as ir combined holdings were below 5 per cent of total issue size.

This QIP marks largest equity raise in energy sector and follows ani Group’s scrapping of a Rs 20,000 crore issue in February last year, which was halted after Hindenburg report raised allegations of accounting fraud and stock manipulation. ani Group has consistently denied se allegations, and successful QIP is viewed as a significant indicator of renewed investor confidence.

In dition to recent QIP, ani Enterprises Ltd, conglomerate's flagship firm, is preparing to launch its first public bond sale. company aims to raise up to Rs 600 crore and has appointed Trust Investment visors, AK Capital Services, and Nuvama Wealth Management as le managers for issuance.

Earlier this year, ani Green Energy Ltd, part of ani Group, successfully accessed dollar bond market for first time since Hindenburg report, securing bids worth approximately $2.9 billion.

(With PTI inputs)