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 mining and trading business, Adani Enterprises is also active within oil and gas exploration, gas distribution, power generation through its listed subsidiary Adani Power, agro-processing, real estate development and commodities trading.

Launched after the...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222