Adani Energy Solutions (AESL) on Tuesday launched a qualified institutional placement (QIP) to raise more funds for its expansion plans.

This will be the first equity fund raising by an Adani group firm after flagship Adani Enterprises (AEL) called off its follow-on public offering (FPO) of ₹20,000 crore in February last year.

AESL, formerly Adani Transmission, has set a floor price of ₹1,027 per share, and a discount of up to 5 per cent will be allowed on the floor price, the Adani group firm said in a regulatory filing.

While AESL did not disclose how much it intends to raise from QIP, reports say that it could mobilise ₹6000-8000 crore.

The QIP comes at a time AEL is planning to come out with the first public issue of bonds since the Hindenburg report for an aggregate amount of ₹600 crore.

While the QIP announcement came after market hours, shares of AESL zoomed 6.95 per cent to close at ₹1,125.40 on the BSE.

While demand for the issue has reportedly crossed three times, it could see the participation of funds such as GQG, ADIA, White Oak and other US funds.

On May 27, the company’s board had approved a proposal for mobilising an aggregate amount of up to ₹12,500 crore through QIP or other means. Last month, its shareholders had approved the proposal at its annual general meeting (AGM).

For the conglomerate, the latest fund raising comes as it has shrugged off the setback from the damaging Hindenburg report last year. Its share prices have rallied, while group firms have taken up various expansion plans.