Cyril Amarchand Mangaldas, Trilegal, and A&O Shearman have advised on the Adani Enterprises QIP that raised ₹15,000 crore — a record-setting transaction in India’s capital markets. The issue opened on 2 July 2026 and closed on 7 July 2026, with three prominent law firms spanning domestic and international mandates across the deal.
Introduction
Adani Enterprises Limited successfully completed a qualified institutional placement (QIP) of equity shares aggregating to ₹15,000 crore. SBI Capital Markets Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and Jefferies India Private Limited acted as the book-running lead managers to the issue. The transaction involved three law firms advising the issuer, the placement agents, and the placement agents on international law respectively.
Deal Value
Adani Enterprises raised ₹15,000 crore through this qualified institutional placement of equity shares. The issue was upsized from a base size of ₹10,000 crore following strong investor demand, with the share sale drawing bids worth roughly ₹38,000 crore — approximately 3.8 times the base offer. The allotment was approved by the company’s QIP Committee on 7 July 2026, with shares issued at ₹2,883 per share — representing a 5% discount to the SEBI-determined floor price of ₹3,034.68 per share.
Legal Teams Involved
Cyril Amarchand Mangaldas — Counsel to Adani Enterprises Limited
Cyril Amarchand Mangaldas advised the issuer, Adani Enterprises Limited, on the QIP.
- Devaki Mankad — Partner, Regional Co-Head – Capital Markets – West (Transaction Lead)
- Rishav Buxi — Principal Associate
- Adwait Deshmukh — Senior Associate
- Archit Jain — Associate
- Arikta Shetty — Associate
- Janhavi Deshmukh — Associate
- Harsha Menon — Associate
- Akshat Sharma — Associate
- Sajal Soni — Associate
Trilegal — Counsel to the Placement Agents
Trilegal advised the placement agents: SBI Capital Markets Limited, ICICI Securities Limited, IIFL Capital Services Limited, and Jefferies India Private Limited.
- Richa Choudhary — Partner (Transaction Lead)
- Maitreya Rajurkar — Partner (Transaction Lead)
- Avanti Kale — Counsel
- Aayush Khandelwal — Senior Associate
- Siddhant Mishra — Associate
- Adya Singh — Associate
- Arnab Goswami — Associate
- Samruddhi Varma — Associate
- Shreyansh Gupta — Associate
A&O Shearman — International Legal Counsel to the Placement Agents
A&O Shearman served as the international legal counsel to the placement agents on this QIP.
- Pallavi Gopinath Aney — Partner (Transaction Lead)
- Kyungwon (Won) Lee — Partner
- Nabil Shadab — Senior Associate
- Shinjan Alok — Associate
Significance and Impact
This transaction marks the largest qualified institutional placement of equity shares undertaken by a non-banking company in India. The scale of the fundraise — and the 3.8x oversubscription — signals robust institutional confidence in the Adani Enterprises platform at a pivotal stage of its growth.
The proceeds are earmarked for a range of strategic priorities. These include capital expenditure for the development of a polyvinyl chloride (PVC) plant, payment of the concession fee for the Chennai Outer Ring Road project, repayment or prepayment of certain borrowings, funding inorganic growth opportunities, and general corporate purposes.
Both Cyril Amarchand Mangaldas and Trilegal had previously advised on Adani Enterprises’ 2024 QIP, with CAM having also advised on the prior qualified institutional placement undertaken by Adani Enterprises Limited in October 2024. The continuity of legal mandates across successive transactions reflects the depth of these firms’ relationships with the Adani Group’s capital markets programme.
The involvement of A&O Shearman as international legal counsel to the placement agents further underscores the cross-border dimension of the issue, with the transaction structured to attract global institutional participation. Investors in the offering included global asset managers and financial institutions such as Capital Group, Goldman Sachs, BlackRock, Blackstone, and Nomura.
The Adani Enterprises ₹15,000 crore QIP stands as a landmark transaction in India’s equity capital markets, setting a new benchmark for non-banking company placements. With Cyril Amarchand Mangaldas, Trilegal, and A&O Shearman each holding distinct and complementary mandates, the deal illustrates the multi-firm advisory structures that characterise large-scale Indian QIPs. For a broader view of law firm deal activity in India, see the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
