Adani Enterprises OFS oversubscribed; promoter gets Rs 189 cr

Adani Agro, one of the promoters of Adani Enterprises, had fixed the floor price at Rs 220 apiece for selling its shares

Adani Enterprises' 85-lakh share sale oversubscribed today at an average price of Rs 222.66 per share, ensuring a little over Rs 189 crore for its promoter.

Adani Agro, one of the promoters of the diversified firm Adani Enterprises, had fixed the floor price at Rs 220 apiece for selling its shares through the offer for sale (OFS) route.

The issue received 95,00,055 bids at the close of the market. Shares of the company today settled at Rs 209.60 apiece, down 0.69% over the previous closing in the BSE.

"The clearing price up to which the bids have been considered for allocation is Rs 221 per share. The bids at or above the clearing price of Rs 221 have been considered for allocation," the company said in a filing to the BSE.

The allocation would be done on price priority basis, Adani Enterprises had earlier said.

As on 2012-end, Adani Agro had 8.96% stake in the company while total shareholding of the promoters stood at 77.87%.