Adani Enterprises Ltd., the Adani Group's flagship firm, successfully raised Rs 4,200 crore through a Qualified Institutional Placement (QIP) that ended on Tuesday, October 15. Approximately 47% of the total shares issued by the QIP went to Quant Mutual Fund, specifically through its numerous schemes. The Quant Smallcap Fund has received the greatest portion of this commitment (17.4%).
The company issued 1.41 crore equity shares, each having a face value of Rs 1, to qualified institutional buyers. The issue price for the QIP was set at Rs 2,962 per share, representing a 5% discount from the floor price of Rs 3,117.47 per share, according to the company's exchange filing.
The discount remained constant as compared to Tuesday's closing price of Rs 3,103 per share. Adani Enterprises' paid-up equity share capital increased from Rs 114 crore to Rs 115.42 crore following the allotment, while the number of equity shares increased to 115 crore.
Quant Mutual Fund has consistently placed large wagers on Adani Group stocks, especially in 2022. Quant Mutual Fund's investment plans profited from the rise in Adani Group's stock prices in 2022, making it the only fund firm to bet big on the conglomerate.
Meanwhile, SEBI was probing Quant Mutual Fund for alleged front-running, insider trading, and abuse of power. On June 21, inspectors from the market regulator raided the fund house's headquarters in Mumbai and adjacent areas in Hyderabad.
