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Adani Enterprises' Rs 20,000-crore FPO sails through Hindenburg storm

Even though AEL's share price continued to languish below its issue price, FPO managed to garner 1.12 times subscription, attracting bids worth over Rs 16,000 cr

adani group
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Photo: Bloomberg

Samie Modak Mumbai
The Adani group on Tuesday pulled off the Rs 20,000-crore follow-on public offering (FPO) for its flagship company, Adani Enterprises (AEL), despite the storm created by US short seller and investment research firm Hindenburg Research through a barrage of allegations against the conglomerate.

Even though AEL’s share price continued to languish below its issue price, the FPO managed to garner 1.12 times subscription, attracting bids worth over Rs 16,000 crore. Over 60 per cent of these bids came from high networth individuals (HNIs). The quota reserved for HNIs was subscribed 3.3 times.

According to market sources, several ultra-rich individuals of

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First Published: Jan 31 2023 | 4:23 PM IST

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