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The Abu Dhabi Investment Authority and Qatar Investment Authority have invested in Indian conglomerate Adani’s power distribution arm Adani Energy Solutions’ secondary share sale, which is worth up to USD 1 bn, alongside more than 50 other investors, two sources told Reuters. The qualified institutional placement raised USD 700 mn, with a so-called greenshoe option for another USD 300 mn, the sources said.
The details: The floor price for the issue was set at INR 1,027.11, at a discount to Tuesday’s close of INR 1,124.9, according to a company statement cited by Reuters.
Background: The share sale is the first since Adani was forced to scrap a separate USD 2.5 bn share sale last year following a report from US-based Hindenburg Research’s accusing it of stock manipulation and tax fraud. ADIA was reportedly among the bidders for the share sale at the time.
The UAE has ties with Adani: Adani Energy recently partnered with an International Holding Company subsidiary to expand smart metering in India, while another Adani subsidiary agreed to digitize India’s economy through AI and blockchain with another IHC venture.
OTHER ADIA NEWS-
ADIA invested USD 6 mn in Indian pharma company Akums ahead of its IPO, acting as an anchor investor, according to Akums’ bourse filing (pdf). Adia purchased over 736k shares for USD 6 mn, representing a 6.03% stake. Akums raised nearly USD 99 mn from anchor investors, including US asset manager BlackRock and Indian SBI Mutual Fund.
Background:The company allocated earlier this week a total of 1.22 bn shares at INR 679 a piece (USD 8.11) for anchor investors. Public subscription opened yesterday and runs until tomorrow.
ADVISORS- ICICI Securities Limited, Axis Capital Limited, Citigroup Global Market India Private Limited, and Ambit Private Limited are acting as the bookrunners for the share float.
Adia is liking Indian pharma: The sovereign wealth fund was among 36 institutional investors that bought shares in Indian healthcare firm Indegene ahead of its IPO on the Bombay Stock Exchange in May, buying 276k shares for INR 12.5 mn (c. AED 550k). A consortium comprising Adia and Swedish private equity firm EQT also offered USD 1.6 bn to acquire Indian biopharma firm Bharat Serums and Vaccines (BSV Group) this month.
