Quant Mutual Fund invests Rs. 2,000 crore in Adani’s Enterprises QIP; Buys 47% of Shares
Quant’s QIP Investment:
Quant Mutual Fund has invested approximately Rs. 2000 crore in the Adani Enterprises Qualified Institutions Placement (QIP). The QIP committee has approved an issue size of approximately Rs. 4200 crore by SEBI ICDR Regulations. Quant Mutual Funds has committed nearly 47% of the total issue size to the QIP.
Top Participant: Quant Mutual Funds:
Quant Mutual Funds held a significant stake among the list of participants, with five of its schemes involved. The Quant Small Cap Fund received the largest allocation, with approximately 24.68 lakh shares, accounting for nearly 17.40% of the total issue size.
Quant Mutual Fund Stakes:
Three schemes from Quant Mutual Fund held approximately 7% of the stake in the Adani Enterprises QIP. Specifically, Quant ELSS Tax saver Fund, Quant Active Fund, and Quant Flexi Cap Fund had around 7.14% stake in the Adani Enterprises Issue. The Quant Focused Fund, Quant Quantamental Fund, and Quant Momentum Fund each held a stake of 1.19% in the same QIP.
Adani Shares Drop:
Adani Enterprises shares dropped down by nearly 91.4%, reaching a day’s low of Rs. 3061 on the BSE at 1 PM. Over the past two years, the shares have declined by 4.19%. However, in the last five and 10 years, they have experienced impressive growth, surging by 1,818% and 5,225%, respectively.
QIP Stake Highlights:
Winro Commercial (India), the other participant in the QIP, had a stake of 12.50% of the total issue size. Tree Line Asia Master Fund (Singapore) Pte Ltd. secured 5.95% of the allotment. SBI Life Insurance Co Ltd also participated, taking a 5.06% allocation for an estimated Rs. 212 crore.
The funds raised through this QIP will be used for capital expenditures and to reduce debt across Adani Enterprises and its subsidiaries. After this offering, the company’s paid-up equity share capital has increased from Rs. 114 crore to Rs. 115.42 crore.
The issue opened on October 9 and is set to close on October 15
