Fresh off a blockbuster placement that drew bids three times its target, Adani Energy Solutions is preparing to return to the market with another share sale for institutional investors, according to two people familiar with the matter. The move would extend a fundraising spree across the Adani Group that has already pulled in billions of dollars. Main Developments Adani Energy Solutions may launch another qualified institutional placement (QIP) by early next fiscal year, the sources said, speaking on condition of anonymity because they are not authorized to discuss the plan publicly. The company just raised 35 billion rupees (about $367 million) in a similar sale this week, and shareholder approval allows it to issue up to 100 billion rupees in shares across one or more tranches. Read also: Blue Dart Q1 Profit Surges 81% on Strong Delivery Volumes If market conditions stay favorable, the firm could sell the entire remaining quantum in the next tranche, one source noted. "After such a strong response, the company may tap the QIP market again towards the end of this financial year or early next FY," the source said. India's fiscal year runs from April through March. This week's placement saw mutual funds and insurance companies as the biggest buyers, according to a company statement. The oversubscription—offers totaled three times the target—signals robust investor appetite for the firm, which is India's largest private-sector power transmission company. Background The fundraising is part of a broader capital-raising effort across billionaire Gautam Adani's ports-to-power conglomerate. Over the past eight months, group companies have raised about $4.75 billion through QIPs and rights issues to fund expansion and reduce debt. Adani Enterprises, the flagship, secured $1.58 billion via a QIP earlier this month and $2.8 billion through a rights issue, while Adani Power is planning a QIP of up to $1.57 billion. This wave of capital raising is the largest from the group since a short seller's allegations in 2023 rattled its shares. The company did not respond to a Reuters email seeking comment on the latest plan. Why It Matters The planned sale underscores Adani Energy's aggressive growth strategy and its ability to attract institutional capital despite earlier controversies. For investors, the oversubscription and the potential follow-on offering highlight strong confidence in India's power transmission sector, which is critical for the country's infrastructure development. The proceeds could help the company fund expansion and reduce debt, aligning with the group's broader push to strengthen its balance sheet. What's Next The company is likely to decide on the timing and size of the next tranche based on market conditions, with a possible window late this fiscal year or early next. Investors will watch for any official announcement from Adani Energy Solutions, which has so far not commented on the sources' claims. The group's other planned offerings, including Adani Power's QIP, could also shape market sentiment in the coming months.