Adani Ent's promoters fix floor price at Rs 282 for stake sale

Adani Enterprises' promoters have fixed Rs 282 as the floor price for selling the company's 2.3 crore shares, a move which may help them garner around Rs 650 crore by selling a little over 2% stake.

The sale shall take place on the separate window of the stock exchanges. It will commence tomorrow at 0915 hrs and close on the same day at 1530 hrs.

"The sellers (promoters) have submitted a notice to sell 2.3 crore equity shares of the face value of Re one only each held by them in the company through the stock exchange mechanism," Adani said in a stock exchange filing today.

"In this regard, the floor price for the sale...Is Rs 282 per equity share of Adani Enterprises," it added.

The promoters are Adani Agro, Adani Commodities, Vinod S Adani, Rajesh S Adani, Pranav V Adani, Priti G Adani and Shilin R Adani.

Promoters' had 79.96 per cent stake in the company, as on Septmber-end.

"The sale is personal to each prospective bidder who makes a bid and does not constitute an offer or invitation or solicitation of an offer to the public requiring any prospectus offer socument to be filed with any regulatory authority within or outside India," it said.

The scrips of the company today settled at Rs 271.25 per share, down 6.98 per cent over the previous closing in the BSE.