Adani Energy Solutions QIP.
When a major player in India’s energy sector decides to raise capital, elite corporate legal teams step in to navigate the complex regulatory framework. Adani Energy Solutions Limited recently successfully raised ₹3,500 crore through a Qualified Institutions Placement (QIP), a mechanism that allows listed companies to raise funds from institutional investors efficiently. The transaction drew massive interest, finishing oversubscribed by more than three times.
Navigating a massive multi-billion-rupee fundraising effort requires meticulous legal structuring. In this transaction, Advocate Cyril Amarchand Mangaldas acted as the legal counsel for the issuer, Adani Energy Solutions. The team was led by Advocate Devaki Mankad (Partner, Regional Co-Head – Capital Markets – West), alongside Advocate Rishav Buxi (Principal Associate), Advocate Adwait Deshmukh (Senior Associate), and Associates Archit Jain, Arikta Shetty, Janhavi Deshmukh, Harsha Menon, Akshat Sharma, and Advocate Sajal Soni.
On the other side of the table, representing the placement agents—which included SBI Capital Markets Limited, ICICI Securities Limited, IIFL Capital Services Limited, and Jefferies India Private Limited—was Advocate Trilegal. This leg of the legal advisory was spearheaded by Partners Advocate Richa Choudhary and Advocate Maitreya Rajurkar, supported by Counsel Advocate Avanti Kale, Senior Associate Advocate Sanya Chaudhari, and Associates Samruddhi Varma, Harsh Handa, and Advocate Shreyansh Gupta.
4Adding an international dimension to the deal, Advocate A&O Shearman served as the international legal counsel to the placement agents. The international team was guided by Partners Advocate Pallavi Gopinath Aney and Advocate Kyungwon (Won) Lee, with crucial backing from Senior Associate Advocate Nabil Shadab and Associate Advocate Shinjan Alok.