Adani Enterprises slips as promoters to pare stake through OFS

The announcement was made after market hours on Monday, 5 February 2013.

Meanwhile, the BSE Sensex was down 56.64 points, or 0.29%, to 19,694.55

On BSE, 2.34 lakh shares were traded in the counter as against an average daily volume of 4.16 lakh shares in the past one quarter.

The stock hit a high of Rs 248.70 and a low of Rs 241 so far during the day. The stock had hit a 52-week high of Rs 443 on 7 February 2012. The stock had hit a 52-week low of Rs 151.70 on 31 August 2012.

The stock underperformed the market over the past one month till 4 February 2013, falling 11.08% compared with the Sensex's 0.17% fall. The scrip, however, outperformed the market in past one quarter, rising 9.24% as against Sensex's 5.31% rise.

The large-cap company has an equity capital of Rs 109.98 crore. Face value per share is Re 1.

Adani Agro which forms a part of the promoter group of Adani Enterprises, after trading hours on Monday, 4 February 2013, said it has decided to sell 70 lakh equity shares of Adani Enterprises through Offer for Sale (OFS) through the stock exchanges mechanism tomorrow, 6 February 2013. The OFS will start at 9:15 IST and end at 15:30 IST on 6 February 2013. Adani Agro will announce the floor price for the OFS after trading hours today, 5 February 2013.

The allocation of shares shall be on the price priority method at multiple clearing prices basis.

Adani Agro owned 8.96% stake in Adani Enterprises as at 31 December 2012.

Adani Enterprises after consolidated net profit rose 2.2% to Rs 416.11 crore on 50.1% rise in total income to Rs 13831.48 crore in Q3 December 2012 over Q3 December 2011.

Adani Enterprises is the flagship company of the Adani Group. The company is the largest private sector coal importer in India.

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