A&O Shearman, Cyril Amarchand Mangaldas (CAM) and Trilegal have acted on Adani Enterprises’ INR150 billion (USD1.57 billion) qualified institutional placement (QIP) in the largest such non-bank issuance in India to date.
“In this transaction, the key challenge was to maintain the pace demanded by market conditions while ensuring that every aspect of the offering met the highest standards of diligence and disclosure,” CAM’s lead transaction partner Devaki Mankad, regional co-head of capital markets (west), told India Business Law Journal.
“The successful completion of the QIP is a testament to the company’s clear strategic vision, disciplined and swift execution and ability to inspire confidence among institutional investors.”
CAM advised Adani Enterprises on the issue, which opened on 2 July 2026 and closed on 7 July 2026. Mankad had support from principal associate Rishav Buxi, senior associate Adwait Deshmukh, and associates Archit Jain, Arikta Shetty, Janhavi Deshmukh, Harsha Menon, Akshat Sharma and Sajal Soni.
Following strong investor demand, the offering was upsized from the INR100 billion originally announced. It is Adani Enterprises’ first major equity fundraising in recent years and is intended to support the company’s next phase of growth across various sectors, including infrastructure, energy, transportation, manufacturing and other strategic industries.
The proceeds will be used to fund capital expenditure for a polyvinyl chloride plant, pay the concession fee for the Chennai Outer Ring Road project, repay or prepay certain borrowings, pursue inorganic growth opportunities and meet general corporate requirements.
A&O Shearman advised the bookrunning lead managers, comprising SBI Capital Markets, ICICI Securities, IIFL Capital Services (formerly IIFL Securities) and Jefferies India.
Pallavi Gopinath Aney, partner and co-head of the India group, led the A&O Shearman team. Partner Kyungwon (Won) Lee, senior associate Nabil Shadab and associate Shinjan Alok provided support.
Trilegal counselled the bookrunning lead managers on India law with partners Richa Choudhary and Maitreya Rajurkar leading the team. The team also comprised counsel Avanti Kale, senior associate Aayush Khandelwal, and associates Siddhant Mishra, Adya Singh, Arnab Goswami, Samruddhi Varma, and Shreyansh Gupta.
Adani Enterprises is the flagship company of the Adani Group, one of India’s leading business conglomerates, with an integrated energy and infrastructure platform and a proven track record of delivering large-scale projects. It is also one of the country’s largest listed business incubators.
