Adani Enterprises to sell 7 mn shares on Feb 6 via auction

Adani Enterprises today said Adani Agro Private Ltd, one of the promoter group companies, will sell 70 lakh shares of the company through bidding route on Wednesday.

"Adani Agro Private Ltd, which forms a part of the promoter group of Adani Enterprises, propose to sell equity shares of the company on February 6, 2013, through a sale on the separate window provided by BSE Ltd ...," the company said in a filing to the BSE.  

It added that the company will announce the floor price for auction, which is popularly known as offer for sale route, tomorrow after trading hours of the stock exchanges.

The shares, that are offered for bidding, amount to 0.64% of company's total equity shares as on December 31, 2012.

The auction, which will be conducted between 9:15 am and 3:30 pm, will be held at a separate window provided by the BSE, it further said.

The company would fetch around Rs 172 crore at today's closing price of Rs 245.95 apiece on the BSE, if the issue is fully subscribed.  

Currently, Adani Agro Pvt Ltd holds 8.96% stake in Adani Enterprises.