Quant Mutual Fund picks nearly half stake in Adani Enterprises’ Rs 4,200-crore QIP
Adani Enterprises Ltd., the flagship company of the Adani Group, has successfully raised Rs 4,200 crore through a Qualified Institutional Placement (QIP), which was completed on Tuesday, 15 October. About 47 percent of the total shares issued through QIP went to Quant Mutual Fund, mainly through its various schemes. Within this allocation, the largest share (17.4 percent) was allocated to the Quant Smallcap Fund.
The company has allotted 1.41 crore equity shares, of face value of Rs 1 each, to eligible institutional buyers.
The issue price of QIP has been set at Rs 2,962 per share, representing a 5 percent discount to the floor price of Rs 3,117.47 per share, according to the company’s exchange filing.
The discount remained unchanged from Tuesday’s closing price of Rs 3,103 per share.
After the allotment, Adani Enterprises’ paid-up capital increased from Rs 114 crore to Rs 115.42 crore, and the number of equity shares increased to Rs 115 crore.
Quant Mutual Fund has repeatedly taken bold bets on Adani Group stocks, including in 2022.
In 2022, Quant Mutual Fund’s investment schemes capitalized on the rising stock prices of the Adani Group, making it the only fund institution able to bet boldly on the conglomerate.
Meanwhile, until recently, SEBI was investigating Quant Mutual Fund for allegations of leading, insider trading, and abuse of power.
On June 21, officials of the market regulator searched the fundhouse’s headquarters in Mumbai and related premises in Hyderabad.
