Adani Enterprises QIP increased to $850 million

Adani Enterprises, the flagship company of one of India's largest business groups, has raised $850 million from an upsized qualified institutional placement QIP which it said it will use to fund capital expenditure, repay outstanding loans and for other corporate purposes. More specifically, analysts believe part of the money will go towards the funding and development of various coal mining projects -- a part of the business that investors like because of its high growth potential.

Aside from the coal mining and trading business, Adani Enterprises is also active within oil and gas exploration, gas distribution, power generation through its listed subsidiary Adani Power, agro-processing, real estate development and commodities trading.

Launched after the...