Quant Mutual Fund picks nearly half of shares in Adani Enterprises' Rs 4,200-crore QIP

Adani Enterprises Ltd., the flagship company of the Adani Group, has successfully raised Rs 4,200 crore through its Qualified Institutional Placement (QIP), which concluded on Tuesday, October 15. About 47 per cent of the total shares issued through the QIP went to Quant Mutual Fund, specifically through its various schemes. Within this allocation, the largest portion (17.4 per cent) has been assigned to the Quant Smallcap Fund.

The company allocated 1.41 crore equity shares, with a face value of Rs 1 each, to eligible institutional buyers.

The issue price for the QIP was set at Rs 2,962 per share, reflecting a 5 per cent discount from the floor price of Rs 3,117.47 per share, according to the company's exchange filing.

The discount remained consistent when compared to Tuesday's closing price of Rs 3,103 per share.

Post-allotment, Adani Enterprises' paid-up equity share capital increased from Rs 114 crore to Rs 115.42 crore, with the number of equity shares rising to 115 crore.

Quant Mutual Fund has repeatedly taken bold bets on Adani Group stocks, including in 2022. 

In 2022, Quant Mutual Fund's investment schemes capitalized on the surge in Adani Group's stock prices, making it the only fund house to take bold bets on the conglomerate.

Meanwhile, until recently, SEBI was investigating Quant Mutual Fund for suspected front-running, insider trading, and misuse of power.

On June 21, officials from the market regulator searched the fund house's headquarters in Mumbai and related locations in Hyderabad.