120 investors lap up Adani Energy’s $1-billion QIP

Major allottees:

• Citigroup bought 8.88%

• 4 SBI funds took home 7.93%

• INQ Holdings LLC, cornered 15%

• Nomura Singapore Ltd ODI cornered 7.5%

New Delhi: A unit of Qatar Investment Authority (QIA), SBI Mutual Fund, and foreign investment funds Nomura and Citigroup were the biggest buyers of shares in Adani group’s power transmission unit’s $1-billion QIP, according to a stock exchange filing by the company.

The Rs8,373.10 crore ($1 bn) qualified institutional placement (QIP) of Adani Energy Solutions Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission,distributionand smart metering business. Billionaire Stanley Druckenmiller’s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs976 per share, reflecting a discount of Rs51.11 (4.98%) to the floor price of Rs1,027.