Cyril Amarchand Mangaldas has represented Adani Enterprises, the Adani Group’s flagship entity, on its $500 million qualified institutional placement, with Trilegal advising the placement agents SBI Capital Markets, Jefferies India, and ICICI Securities.

This is the second QIP by the Adani Group this year, closely following the QIP by Adani Energy Solutions, on which CAM and Trilegal had advised as well.

The proceeds of the QIP are proposed to be used to fund capital expenditure requirements in relation to the energy ecosystem, upgrading the airport infrastructure, construction of a greenfield expressway, setting up of a PVC plant, and repayment of certain borrowings.

As of October 18, 2024, 71 companies in India had raised over 886 billion rupees ($10.5 billion) through QIPs. This is a record-breaking number, and an outlier compared to the past few years. 

The biggest so far have come from Vedanta, Adani Energy, Samvardhana Motherson, JSW Energy, Prestige Estates Projects, and Punjab National Bank.

QIPs are a way for Indian companies to raise capital domestically without extensive regulatory filings. They are designed to attract institutional investors, such as insurance companies, pension funds, and mutual funds, rather than retail investors.

The CAM capital markets team comprised of senior partner Yash J. Ashar, partner Devaki Mankad, senior associate Jhalak Shah, and associates Adwait Deshmukh, Raksha Raina, Arikta Shetty, and Devansh Raheja.

The Trilegal team advising on the deal was led by capital markets partner Richa Choudhary, and comprised counsel Avanti Kale and Maitreya Rajurkar, senior associate Sanya Chaudhari, and associates Pooja Tada and Archit Jain.