Adani Enterprises rises as OFS oversubscribed

Meanwhile, the BSE Sensex was down 161.74 points or 0.83% at 19,292.18

On BSE, 15.91 lakh shares were traded in the counter as against average daily volume of 7.46 lakh shares in the past one quarter.

The stock hit a high of Rs 285.30 and a low of Rs 272.35 so far during the day. The stock had hit a 52-week low of Rs 151.70 on 31 August 2012. The stock had hit a 52-week high of Rs 455.75 on 20 January 2012.

The stock had outperformed the market over the past one month till 20 December 2012, surging 22.49% compared with the Sensex's 6.14% rise. The scrip had also outperformed the market in past one quarter, jumping 36.31% as against Sensex's 6.02% gain.

 

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

Adani Enterprises' promoters Offer for Sale (OFS) was oversubscribed as investors put in bids for 2.38 crore shares as at 14:25 IST, compared to 2.3 crore shares on sale. The OFS through the stock exchanges mechanism began at 9:15 IST and closes at 15:30 IST today, 21 December 2012.

After market hours on Thursday, 20 December 2012, Adani Enterprises fixed the floor price for the OFS at Rs 282, a 3.96% premium to the stock's closing price on Thursday, 20 December 2012. Ahead of the OFS, shares of Adani Enterprises plunged 6.98% to settle at Rs 271.25 on BSE on Thursday, 20 December 2012.

The promoters of Adani Enterprises are selling 2.3 crore equity shares or 2.09% of Adani Enterprises' equity via the OFS. The total promoter shareholding in Adani Enterprises is currently at 79.95% (as per shareholding pattern as on 30 September 2012).

Adani Enterprises' consolidated net profit fell 42.1% to Rs 320.21 crore on 1.8% growth in net sales to Rs 10261.85 crore in Q2 September 2012 over Q2 September 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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