Gautam Adani led Adani Enterprises is planning to raise ₹20,000 crores via a Follow-on Public Offering (FPO) of shares. Adani Enterprises is the flagship subsidiary of Adani Group.
The mining company has filed for its papers with the Securities and Exchange Board of India on Jan 16 for its FPO.
The FPO subscriptions will open on Jan 27 and close by Jan 31 for retail investors. Bidding for Anchor investors has been fixed on Jan 25.
The floor price would be in a range of ₹ 3,112 to ₹ 3,276 per equity share as reported by TOI.
The decision for an FPO has been taken by the conglomerate to reduce debts and to expand business in airport-management and renewable energy projects.
The promoters (Adani Group and Entities) of Adani Enterprises will be diluting 3.5% stake in the ₹ 20,000 crore FPO. The promoters currently hold 72.63% of the company.
The FPO comes amid concerns expressed by experts on the company’s high debt level and large promoter holding.
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