Adani Group has raised roughly Rs 43,500 crore in equity over the past eight months, with mutual funds taking much bigger role in the story.

Three deals make up this total. Adani Enterprises completed a Rs 25,000 crore rights issue back in December 2025.

It followed that up with a Rs 15,000 crore qualified institutional placement, or QIP, earlier this month, one of the largest such raises seen in India.

Then this week, Adani Energy Solutions closed its own QIP worth Rs 3,500 crore. Each company has laid out fairly specific plans for the money.

Adani Energy Solutions intends to use its share for capital spending, paying down debt, chasing acquisitions if the right ones come along, and covering general corporate needs.

Adani Enterprises, meanwhile, is spreading its funds across a wide infrastructure portfolio, covering airports, roads, data centres and newer energy businesses, with part of it also going toward reducing debt. What stands out in this round is who’s buying.

Mutual fund holdings across the group’s five biggest listed firms, Adani Enterprises, Adani Ports, Adani Energy Solutions, Adani Power and Adani Green Energy, have now touched an all time high of nearly Rs 1 lakh crore.

That shift comes even as GQG Partners, long one of the group’s largest foreign backers, trimmed some of its Adani holdings during the June quarter.

SBI Mutual Fund picked up a chunk of what GQG sold, buying close to Rs 5,750 crore worth of shares in Adani Enterprises and Adani Energy Solutions through block deals.

SBI was also the single largest institutional buyer in the Adani Enterprises QIP, taking up more than 15% of the shares on offer, according to exchange filings.

With this capital in hand, the group now has more room to keep funding its expansion across energy, transport and digital infrastructure.

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