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BUSINESS EYE OCTOBER 25, 2024 | The Indian Eye 34

Adani Group completes QIP of equity shares

process worth US$ 500 millions

Adani Group Chairman Gautam Adani has emerged as the highest wealth gainer,

as per Forbes India Rich List 2024

OUR BUREAU & Watkins LLP acted as Legal Coun-
sels to the BRLMs as to Indian law
Mumbai
and international law, respectively.
dani Enterprises Limited Meanwhile, Adani Group Chair-
(AEL) on Thursday said it man Gautam Adani has emerged
Ahas successfully completed as the highest wealth gainer, as per
the qualified institutional placement Forbes India Rich List 2024. The
(QIP) of equity shares of face value of increase is more than the combined
Rs 1 each of AEL (“Equity Shares”) gain in the net worth of Reliance
aggregating to approximately Rs Industries Limited Chairman and
4,200 crores (USD 500 million). Managing Director Mukesh Ambani
According to Adani, a total of and Savitri Jindal, OP Jindal Group
1,41,79,608 Equity Shares were allo- Chairperson Emeritus - the top three
cated at an issue price of Rs 2,962 per names on the list.
equity share through the QIP. Gautam Adani’s net worth in-
The transaction was launched creased to USD 116 billion--USD
post-market hours on 9 October 48 billion higher than the previous
2024 with a deal size of approximate- year’s and highest by any Indian in a
ly INR 4,200 crores (USD 500 mil- year. With this, his net worth valued
lion) and closed on 15 October 2024. by Forbes is now at USD 116 billion.
The QIP saw overwhelming de- Adani Group Chairman Gautam Adani addressing an event (ANI) As per the list, second biggest gain-
mand, receiving bids of approximate- er was Mukesh Ambani. He gained
ly 4.2x of the deal size from a diverse transport and logistics sector, new diture, debt repayment and gener- USD 27.5 billion during 2024, taking
group of investors, including global energy ecosystem (including solar al corporate purposes. SBI Capital his net worth to USD 119.5 billion.
long-only investors, major Indian mu- and wind manufacturing) and data Markets Limited, Jefferies India This helped him maintain the
tual funds, and insurance companies. centers in the energy and utility sec- Private Limited and ICICI Securities top position as per Forbes, albeit
This underscores AEL’s position the lead has fallen significantly with
as India’s largest listed incubator of tor. AEL’s other businesses including Limited were the book running lead Adani to only USD 3.5 billion.
copper, PVC, defense and special-
managers for the Issue (“BRLMs”).
scalable and large businesses in core Savitri Jindal surpassed Shiv
Further Cantor Fitzgerald & Co.
infrastructure which addresses the ized manufacturing, focus on import acted as an advisor in connection with Nadar (third richest Indian as per
substitution and addresses India’s vi-
needs of India. sion of Atmanirbhar Bharat. the issue. Cyril Amarchand Mangal- Forbes in 2023), gaining USD 19.7
AEL’s current incubation portfo- billion. Savitri Jindal is India’s rich-
lio includes airports and roads in the The proceeds from the QIP will das acted as Legal Counsel to AEL as est woman and is MLA from Hisar.
be utilized for funding capital expen- to Indian law and Trilegal and Latham
Google announces AI-led collaborations for health,

sustainability and agriculture

OUR BUREAU a roundtable in Bengaluru, marking prove billions of lives.” research to the first patient screen-
the fifth anniversary of Google’s Re- Google is working with Forus ing in Madurai, India, we’ve been
Bengaluru
search Lab in the city. This follows the Health and AuroLab in India and Per- committed to translating AI’s poten-
oogle has unveiled a series 10th edition of the Google for India ceptra in Thailand to provide 6 mil- tial into meaningful change for peo-
of new AI-powered part- event, which showcased the potential lion AI-assisted screenings for diabet- ple globally. And now the partner-
Gnerships aimed at advanc- of AI to benefit individuals, business- ic retinopathy over the next decade. ships with Forus Health, AuroLab,
ing healthcare, sustainability, and es, and society at large. These screenings aim to detect and Perceptra are helping us expand
agriculture in India. The tech giant Dr Manish Gupta, Research Di- and prevent blindness in diabetic pa- on this commitment, as a global net-
is collaborating with both local and rector of Google DeepMind, stated, tients, particularly in resource-limited work of innovators comes together
international organizations to im- “Collaborating with key Indian or- communities. The AI model has al- to eradicate preventable blindness
plement AI-driven solutions in dia- ganizations, our focused research in ready supported over 600,000 screen- due to diabetic retinopathy.”
betic retinopathy screening, urban India across language understanding, ings worldwide, with initial research Google’s CircularNet, an
waste management, and agricultural healthcare, agriculture, and sustain- and deployment carried out in India. AI-driven computer vision model
development. ability is helping tackle many of the Sunny Virmani, Group Prod- for waste management, is being de-
According to Google, these country’s unique challenges and cre- uct Manager, Health AI Research at ployed in partnership with Bengalu-
announcements were made during ating AI-led solutions that will im- Google, remarked, “From our initial ru-based Saahas Zero Waste.

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