Adani Energy Solutions’ share sale in India seeking to raise up to $1 billion has received the support of Abu Dhabi and Qatar investment authorities.
Reports in India indicate that Abu Dhabi Investment Authority and Qatar Investment Authority have invested in Adani Energy Solutions’ share sale.
The share sale transaction is Adani Group’s first fundraising from equity markets since February last year.
Adani Energy, which is led by billionaire Gautam Adani, raised the money through a Qualified Institutional Placement, which is a tool used by listed firms in India to raise funds from large institutions.
Even though the firm targeted to raise $700 million in the share sale, it increased the amount to $ 1 billion, after tapping the green-show option.
Adani Energy, which Adani Group’s power transmission and distribution company, says the floor price for the issue has been set at 1,027.11 Indian rupees ($12.27), at a discount to Tuesday’s close of 1,124.9 rupees.
Adani Energy is part of Adai Group that has been linked to a Public Private Partnership deal with the Kenya Airports Authority (KAA) involving the Jomo Kenyatta International Airport (JKIA).
On Wednesday last week, the KAA confirmed media reports that it received an investment proposal from India-based Adani Airport Holding that involves construction of a second runway, a taxiway and apron as well as construction of a new passenger terminal building at JKIA.
KAA Acting Managing Director Henry Ogoye said Adani’s concession proposal would be subjected to public participation, and legal reviews in compliance to Public Partnership Act 2021.