CyrilAmarchand Mangaldas(CAM) advised AdaniEnergySolutions Limited (“AESL”), on issuance of equity share capital aggregating up to ₹ 8,373.10 crore by way of a qualified institutions placement (“Issue“). The Issue was undertaken by AESL in compliance with Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Section 42 of the Companies Act, 2013.
This was one of the largest equity fundraisers in the energy and power sector by way of a qualified institutions placement. The Issue launched on July 30, 2024 and closed on August 2, 2024, with overwhelming subscription rate of nearly six times. The allotment was completed on August 3, 2024.
AESL is a part of the Adani portfolio entities, which is among India’s top business houses. AESL is one of the leading players in the transmission and distribution sector and leading the private sector transmission segment, owning 41.5% of the private operational transmission capacity as of Fiscal 2024.
Our firm played a pivotal role in addressing key complexities in the transaction and strategic guidance to ensure the successful execution of the transaction.
The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction was led by Yash Ashar, Senior Partner; Devaki Mankad, Partner; with support from Jhalak Shah, Senior Associate; Rishav Buxi, Senior Associate; Hitesh Nagpal, Associate; Arikta Shetty, Associate; and Lajja Mehta, Associate.
SBICapitalMarketsLimited,Jefferies IndiaPrivateLimitedand ICICI SecuritiesLimitedacted as book running lead manager to the Issue.
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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas(cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds,start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
