What is a follow-on public offer?
Adani Enterprises to raise Rs 20,000 crore through follow-on public offer
Mutual funds, FPIs show appetite for a slice of Adani FPO anchor pie
Adani FPO could be India's largest-ever; board to approve proposal on Fri
Adani Enterprises sets price band of Rs 3,112-3,276 per share for FPO
Gautam Adani-led group's flagship firm Adani Enterprises Ltd on Wednesday said it has raised Rs 5,985 crore from anchor investors ahead of its follow on public offering.
The company has decided to allot a total of 1,82,68,925 equity shares to 33 funds at Rs 3,276 apiece, taking the transaction size to Rs 5,985 crore, according to a circular uploaded on the BSE website.
Foreign investors who have been allocated shares include Abu Dhabi Investment Authority, BNP Paribas Arbitrage, Societe Generale, Goldman Sachs Investment (Mauritius) Ltd, Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd and Citigroup Global Markets Mauritius.
A slew of domestic institutional investors, including LIC, SBI Life Insurance Company, HDFC Life Insurance Company and State Bank Of India Employees Pension Fund, also participated in the anchor book.
The Rs 20,000 crore-Follow On Public Offering (FPO) of the company is slated to open on January 27 and close on January 31. It will sell shares in the price band of Rs 3,112 to Rs 3,276 apiece.
It will offer a Rs 64 per share discount to retail investors in FPO where the bid lot has been set at four and multiple of four shares.
Out of the Rs 20,000 crore proceeds from the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
An amount of Rs 4,165 crore will be utilised for repayment of debt taken by its airports, road and solar project subsidiaries.
Adani Enterprises is India's largest listed business incubator and breeds businesses in four core industry sectors -- energy and utility, transportation and logistics, consumer, and primary industry.
The current business portfolio includes green hydrogen ecosystem, data centres, airports, digital, mining, defence and industrial manufacturing.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Wed, January 25 2023. 22:23 IST
RECOMMENDED FOR YOU