INQ Holdings, a unit of the Qatar Investment Authority, along with SBI Mutual Fund and foreign investment firms Nomura and Citigroup, emerged as the largest buyers in Adani Energy Solutions Ltd’s (AESL) $1 billion Qualified Institutional Placement (QIP). The QIP, which closed last week, attracted interest from over 120 investors seeking shares in AESL, a company involved in power transmission, distribution, and smart metering.
Among the notable investors, INQ Holdings LLC, a wholly-owned subsidiary of QIA, acquired 15% of the shares offered. Citigroup’s two funds together purchased 8.88% of the shares, 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—collectively acquired 7.93%. Nomura Singapore Ltd ODI obtained 7.5% of the shares.
The QIP also saw participation from prestigious long-only investors such as Duquesne Family Office, Driehaus Capital Management, and Jennison Associates, known for their strong performance in the investment arena.