Indian power transmission company Adani Transmission Ltd., a unit of S.B Family Trust, intends to secure up to 3,000 crore rupees ($422 million) via a qualified institutional placement (QIP) offering.
The company expects to use the capital to cut down debt, capital expenditure and to inject in future purchase opportunities.
Adani has hired five investment banks, Citigroup, Credit Suisse, Kotak Mahindra Capital, Edelweiss and JM Financial, to manage the share sale.
Adani Transmission, which is preparing to unleash an equity share sale, expects to finalize the fundraising by the end of this quarter.