The two-day qualified institutional placement (QIP) opened on Wednesday. Duquesne Family Office, the fund founded by billionaire investor Stanley Druckenmiller, and two other US-based long-only funds — Driehaus Capital Management and Jennison Associates — have invested in it, ET reported quoting sources.
The report further revealed that Adani Energy raised Rs 50,000 crore through the issue, noting that these three funds invested in Indian equities for the first time.
Stanley Druckenmiller is known for his significant role in 1992 when he and George Soros broke the Bank of England by shorting the British pound, leading to its crash and earning over a billion dollars. His fund Duquesne Capital Management gave an average annual return of 30% from 1986 to 2010. Druckenmiller closed his fund in 2010 and currently runs the Duquesne Family Office, which handles about $3.4 billion of assets.
Email queries sent by ET to Adani Energy, Driehaus, Duquesne, and Jennison remained unanswered.More than 125 institutional investors participated in the fundraising of Adani Energy, stated the report. Other prominent investors in the QIP include Blackrock, Abu Dhabi Investment Authority (ADIA), Jupiter Asset Management, Nomura, Eastspring Investments, GQG Partners, and Qatar Investment Authority. Domestic mutual funds such as SBI, HDFC, Axis, Tata, LIC, WhiteOak, and 360 One WAM also participated in the QIP, according to sources.The issue comprised a base deal of up to Rs 5,861 crore ($700 million) and a greenshoe option to upsize by up to an additional Rs 2,512 crore ($300 million). The company is issuing 60.1 million equity shares as the base issue with an option to upsize to 25.7 million shares. According to the term sheet, the dilution at the base deal is 5.38% of the pre-issue outstanding equity capital, and at the upsized deal, it is 2.31% at the indicative issue price.Adani Energy Solutions last week reported a consolidated net loss (attributable to the owners of the company) of Rs 824 crore for the quarter ended June 30, 2024, as against Rs 175 crore net profit in the year ago period.
The revenue from operations in the reported quarter stood at Rs 5,379 crore versus Rs 3,664 crore reported in the year-ago period. It was up by 47% on the year-on-year basis.
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