Adani Enterprises QIP increased to $850 million

The deal is upsized from $600 million as the Indian conglomerate attracts more than $1 billion of demand from primarily long-only investors.

Adani Enterprises, the flagship company of one of India's largest business groups, has raised $850 million from an upsized qualified institutional placement QIP which it said it will use to fund capital expenditure, repay outstanding loans and for other corporate purposes. More specifically, analysts believe part of the money will go towards the funding and development of various coal mining projects -- a part of the business that investors like because of its high growth potential.

Aside from the coal...

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