INQ Holdings, SBI funds, Citigroup biggest buyers in Adani Energy’s $1 bn QIP

A unit of Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup were the biggest buyers of shares in Adani group’s power transmission unit’s $1billion QIP, according to a stock exchange filing by the company.

USD 1 billion) qualified institutional placement (QIP) of Adani Energy Solutions Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business.

Billionaire Stanley Druckenmiller’s family office-led investment firms were among the companies that sought shares of AESL in the QIP. Giving details of allottees who got more than 5% of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 % of the shares sold.

Two funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds – SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children’s Benefit Fund -together took home 7.93% of the shares. Nomura Singapore Ltd ODI cornered 7.5% of the shares, the filing showed.

The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance.

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