Mumbai: Less than three months after completing a ₹25,000-crore rights issue, billionaire Gautam Adani-led is returning to the equity market with a qualified institutional placement (QIP) to raise at least ₹10,000 crore ($1.05 billion) from institutional investors, with an option to increase the issue size, according to a term sheet reviewed by Mint.
Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities are acting as the book-running lead managers.
Unlike a rights issue, which is offered to existing shareholders in proportion to their holdings, a QIP is open only to qualified institutional investors.
The latest capital raise underscores the Adani Group’s push to fund an aggressive expansion across airports, data centres and new energy, while also entering the aluminium sector.
The Ahmedabad-headquartered conglomerate has committed $100 billion to develop 5GW of green-energy-powered, hyperscale, AI-ready data centres by 2035. It recently signed an agreement with Jabil Inc. in June to build AI data centre infrastructure, and on Thursday entered into a joint venture with Emirati investment firm International Holding Co. to set up an aluminium plant in Odisha.
The QIP would also broaden the company’s institutional investor base. As of March 2026, domestic institutional investors (DIIs) held a 6.65% stake in the company, while foreign institutional investors (FIIs) held 13.91%.
An executive privy to the development said the company saw a lot of demand from both FIIs and DIIs, especially mutual funds, after completing its rights issue in March.
“Until now, there was a view that mutual funds may not be long-term investors. But we see that changing and now are undertaking this QIP,” the executive said, requesting anonymity.
“Adani Enterprises has announced a ₹35,000 crore capex (for FY27). The bulk of this should help us scale up our data centre and airport expansion plans,” said the executive, adding that the money from QIP will fund the Group’s capex plans rather than pare debt since deleveraging was done through the rights issue money.
Adani Enterprises, through its subsidiary Adani Airport Holdings Ltd (AAHL) is investing more than ₹20,000 crore to develop integrated ‘airport cities’ across six of its airports—Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur, and Guwahati—according to earlier exchange filings.
According to Jay Agarwal, analyst-advisory at PL Capital, the Adani Group will have to raise funds from multiple sources, including public markets, to execute a capital expenditure programme of this scale.
“If Adani is accounting for 38% of India’s total capex, this is a large share of the country’s private capex, continued fundraising through instruments such as rights issues and QIPs is a natural part of its financing strategy,” Agarwal said, adding that the group’s expansion into businesses such as data centres and aluminium is a positive development.
“Many of these businesses complement its existing ecosystem across energy and infrastructure,” said Agarwal.
The QIP marks the second tranche of the flagship company’s ₹16,600-crore equity fundraising programme approved by its board in May 2024. It had raised ₹4,200 crore in the first tranche in October 2024.
On Wednesday, Adani Enterprises informed the exchanges that it will issue shares at ₹2,883 a share under the QIP process. At this price, the company will issue around 34.7 million new shares, leading to a dilution of up to 2.6% of its post-issue equity capital.
The base price is 9.27% lower than the stock’s closing price of ₹3,177.50 on 2 July, and 5% below the Sebi-prescribed floor price of ₹3,034.68 per share.
Under Sebi regulations, the floor price is calculated as the average of the weekly high and low closing prices over the two weeks preceding the opening of a QIP. Companies may offer shares at a discount of up to 5% to this floor price, subject to shareholder approval.
Shareholders approved the QIP on 24 June. In a stock exchange filing, Adani Enterprises said its QIP committee had approved the opening of the issue, the preliminary placement document and the floor price.
Adani Enterprises’ QIP comes less than three months after it completed a ₹25,000 crore rights issue in March this year. Since promoters own 74%, the Adani family invested about ₹18,500 crore. The March rights issue was priced at ₹1,800 per share, compared with the QIP’s indicative issue price of ₹2,883 per share.
The fundraising comes after the Adani Group settled its key legal cases in the US, including a $275-million settlement in May between Adani Enterprises and the US Treasury over the purchase of sanctioned Iranian gas, as well as separate settlements by Gautam Adani and his nephew, Sagar Adani, with the US Securities and Exchange Commission and the Justice Department over bribery allegations.