Billionaire Stanley Druckenmiller Backs Adani Group in Landmark Investment

Billionaire Stanley Druckenmiller's family office, along with other US-based funds, invested in Adani Energy Solutions' power transmission unit through an oversubscribed institutional sale, demonstrating strong investor confidence. The move marked the first public equity raise since a damning report last year, with Adani's stock seeing significant intraday gains.

Billionaire investor Stanley Druckenmiller's family office, Duquesne Family Office, invested in Adani Energy Solutions' power transmission unit. The institutional sale saw shares oversubscribed six times, with demand surpassing Rs 50,000 crore against an issue size of USD 1 billion.

Duquesne, joined by Driehaus Capital Management and Jennison Associates, made their debut investment in the qualified institutional placement (QIP) of Adani Energy Solutions. The USD 1 billion issue attracted over 120 investors, reinforcing the company's appeal despite past controversies.

This QIP, the first since a critical report last year, is seen as a strong vote of confidence in Adani Group. The company's stock surged over 15% intraday, closing 11.24% higher in Mumbai, reflecting renewed market optimism.

(With inputs from agencies.)