Adani Energy Solutions shares hit 52-week high after company raises USD 1 bn via QIP

New Delhi, Aug 1 (PTI) Shares of Adani Energy Solutions surged 12 per cent on the bourse on Thursday and its market valuation hit Rs 1.42 lakh crore for the first time.

The shares surged after billionaire Gautam Adani-led group's power transmission unit said it has raised USD 1 billion through a share sale.

This was the first public equity raised by the conglomerate since a damning Hindenburg report.

The scrip of the company surged 12.04 per cent to settle at Rs 1,274.55 apiece on the BSE.

During the day, the shares of the leading transmission company advanced 18.48 per cent to hit the 52-week high of Rs 1,347.90 per scrip.

At the market close, the company's market valuation stood at Rs 1,42,175.12 crore, up by Rs 15,276.68 crore against the previous close.

However, the market capitalisation of Adani Energy Solutions hit an all-time high level of Rs 1.50 lakh crore during the intra-day trade on the BSE.

In terms of volume, 14.64 lakh shares of Adani Energy Solutions were traded on the BSE.

The 30-share Sensex climbed 126.21 points or 0.15 per cent to settle at a new lifetime high of 81,867.55.

The NSE Nifty rose 59.75 points or 0.24 per cent to settle at an all-time closing high of 25,010.90.

Billionaire Gautam Adani-led group's power transmission unit has raised USD 1 billion through a share sale, the first public equity raised by the conglomerate since a damning Hindenburg report, which wiped away billions in shareholder value.

Adani Energy Solutions Ltd had raised the funds through a qualified institutional placement (QIP) issue.

The QIP, which opened on Tuesday, was oversubscribed three times with demand of about Rs 26,000 crore - making it the largest transaction in India's energy space.

The issue closed at Rs 1,135 per share, as against the issue price of Rs 976 per share or a 14 per cent listing discount.

QIP is an instrument used by listed companies to raise funds from large institutions.

Marquee investors such as GQG, QIP, ADIA and a few top names in the US participated in the QIP.

Domestic institutions, including Bandhan MF, Nomura, and 360 India Infoline, also participated in the issue.

The fundraise is the first after the group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation.

Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out.

Earlier, Adani Energy Solutions Ltd (AESL) said its management has authorised the opening of the issue on Tuesday as well as approved the floor price for the issue.

The floor price was set at Rs 1,027 per equity share.

Last month, Adani Energy Solutions Ltd reported a net loss of Rs 1,190.66 crore for the June quarter of 2024-25 mainly due to exceptional losses related to the divestment of an asset.

The company had posted a net profit of Rs 181.98 crore during the April-June period of 2023-24, the company said in a regulatory filing.

The total income rose to Rs 5,489.97 crore in the quarter under review from Rs 3,772.25 crore in the year-ago period. PTI HG HG SHW SHW