Cyril Amarchand Mangaldas advised Adani Enterprises Limited on its recent qualified institutional placement of equity share aggregating to approximately INR 15,000 crores. Trilegal advised the placement agents, which included SBI Capital Markets Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Jefferies India Private Limited.
The issue opened on July 2, 2026, and closed on July 7, 2026.
This is the largest qualified institutions placement undertaken by a non-bank issuer. As one of the largest equity fundraises in India, the transaction marks a significant milestone for the Indian capital markets. It reflects strong investor confidence in India’s infrastructure growth story and demonstrates the capital markets’ ability to support large-scale funding requirements for strategically important infrastructure businesses.
Adani Enterprises is a part of the Adani portfolio, and is also one of India’s largest listed business incubators, driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, primary industry and other specialty businesses.
The proceeds of the QIP are proposed to be used towards funding the capital expenditure requirements of certain subsidiaries, repayment of certain borrowings availed by Adani Enterprises and its subsidiaries and to fund inorganic growth through unidentified acquisitions.
CAM’s capital markets team was led by partner (regional co-head – capital markets – west) Devaki Mankad, with 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.
The Trilegal capital markets team advising on the matter was led by partners Richa Choudhary and Maitreya Rajurkar and comprised counsel Avanti Kale, senior associate Aayush Khandelwal, and associates Siddhant Mishra, Adya Singh, Arnab Goswami, Samruddhi Varma, and Shreyansh Gupta.
