The share sale amounted up to $1 billion.

The Qatar Investment Authority (QIA) and the Abu Dhabi Investment Authority (ADIA) have invested in Adani Energy Solutions share sale in India, amounting to up to $1 billion, according to a Reuters news report.

The share sale opened on Tuesday, according to the news report, and the investor list includes more than 50 entities, among them GQG Partners, Nomura, and India’s Bandhan Mutual Fund. However, Reuters wrote that the specific names of investors remain confidential.

The news report said the fundraising was executed through a Qualified Institutional Placement, a common method used by listed Indian companies to raise capital from large institutions.

The share sale totaled $700 million, with an additional greenshoe option of $300 million. Trading began on Tuesday, and Adani Energy’s shares rose approximately 7%.

Adani Energy, led by billionaire Gautam Adani, lost a $2.5 billion share sale after a report in February 2023 by Hindenburg Research accused the company of improper use of offshore tax havens and stock manipulation. Adani denied wrongdoing.

Despite the rise on Tuesday, Adani’s stock remains about 60% below what it was before the report.