Trilegal Advises On Adani Enterprises' INR 150 billion QIP

Trilegal advised on the qualified institutions placement (QIP) of equity shares by Adani Enterprises Limited (Adani Enterprises), aggregating to INR 150 billion.

This is the largest qualified institutions placement undertaken by a non-bank issuer. As one of the largest equity fundraises in India, the transaction marks a significant milestone for the Indian capital markets. It reflects strong investor confidence in India’s infrastructure growth story and demonstrates the capital markets’ ability to support large-scale funding requirements for strategically important infrastructure businesses.

Adani Enterprises is a part of the Adani portfolio, which is among India’s top business houses with an integrated energy and infrastructure platform in India and a long track record of successfully executing large-scale projects. It is also one of India’s largest listed business incubators, driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, primary industry and other specialty businesses.

Trilegal advised the placement agents, which included SBI Capital Markets Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Jefferies India Private Limited.

The proceeds of the QIP are proposed to be used towards funding the capital expenditure requirements of certain subsidiaries, repayment of certain borrowings availed by Adani Enterprises and its subsidiaries and to fund inorganic growth through unidentified acquisitions.

The Trilegal Capital Markets team advising on the matter was led by Partners: Richa Choudhary and Maitreya Rajurkar; and comprised Counsel: Avanti Kale; Senior Associate: Aayush Khandelwal; and Associates: Siddhant Mishra, Adya Singh, Arnab Goswami, Samruddhi Varma, and Shreyansh Gupta.