Adnani plans to deploy part of the funds towards setting up a PVC plant | Photo Credit: bl-online Administrator

Adani Enterprises Ltd (AEL) on Friday closed its qualified institutional placement (QIP) after upsizing the issue to ₹15,000 crore from the initially planned ₹10,000 crore, following robust investor demand of around ₹38,000 crore, or 3.8 times the base issue size.

The flagship Adani Group company’s QIP, which opened on July 2, was priced at ₹2,883 per equity share, a 5 per cent discount to the SEBI-prescribed floor price of ₹3,034.68 and about 9.3 per cent lower than the July 2 closing price of ₹3,177.50. The stock ended 1.07 per cent higher at ₹3,212.20 on Friday. It is believed that the strong institutional response saw participation from several marquee domestic and global investors, including Capital Group, BlackRock, Blackstone, HDFC Mutual Fund, ICICI Mutual Fund, Kotak Mutual Fund, SBI Mutual Fund, Tata Mutual Fund and Birla Mutual Fund, making it one of the strongest QIP subscriptions in recent years.

PVC plant

The proceeds will primarily be used to accelerate capital expenditure across Adani Enterprises’ incubation businesses. As disclosed in the preliminary placement document, the company plans to deploy part of the funds towards setting up a polyvinyl chloride (PVC) plant, paying the concession fee for the Chennai Outer Ring Road (CORR) project, repaying or prepaying borrowings at the company and subsidiaries—including Mundra Solar PV Ltd, Adani Airport Holdings Ltd and Kutch Copper Ltd—besides funding inorganic growth opportunities and general corporate purposes.

The QIP marks Adani Enterprises’ first major equity fundraising in recent years and comes as the group steps up investments across airports, roads, data centres, metals, new energy and manufacturing businesses. 

Published on July 3, 2026