Adani Enterp. 2512.05↑15.60(0.62%)
Adani Ports 731.50↓-2.55(-0.35%)
Apollo Hospitals 4599.00↓-0.15(0.00%)
Asian Paints 3180.95↑36.55(1.16%)
Axis Bank 912.50↓-24.95(-2.66%)
B P C L 363.30↑2.90(0.80%)
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Divi's Lab. 3488.75↑30.75(0.89%)
Dr Reddy's Labs 4502.70↓-16.20(-0.36%)
Eicher Motors 3696.75↑18.40(0.50%)
Grasim Inds 1715.00↓-10.15(-0.59%)
H D F C 2641.25↓-52.10(-1.93%)
HCL Technologies 1143.45↑7.60(0.67%)
HDFC Bank 1609.90↓-26.85(-1.64%)
HDFC Life Insur. 590.15↑5.00(0.85%)
Hero Motocorp 2755.10↓-24.05(-0.87%)
Hind. Unilever 2652.00↓-4.55(-0.17%)
Hindalco Inds. 409.15↓-3.95(-0.96%)
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IndusInd Bank 1281.80↓-11.45(-0.89%)
Infosys 1328.00↑4.15(0.31%)
ITC 443.10↓-6.80(-1.51%)
JSW Steel 692.55↓-12.05(-1.71%)
Kotak Mah. Bank 1962.95↓-11.75(-0.60%)
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Maruti Suzuki 9290.05↓-93.30(-0.99%)
Nestle India 21550.00↓-24.45(-0.11%)
NTPC 172.60↓-4.20(-2.38%)
O N G C 156.05↓-2.80(-1.76%)
Power Grid Corpn 232.85↓-2.25(-0.96%)
Reliance Industr 2482.30↓-37.65(-1.49%)
SBI Life Insuran 1232.15↑16.25(1.34%)
St Bk of India 581.85↓-10.95(-1.85%)
Sun Pharma.Inds. 973.10↑13.50(1.41%)
Tata Consumer 793.05↑2.15(0.27%)
Tata Motors 524.35↑5.55(1.07%)
Tata Steel 106.85↓-0.20(-0.19%)
TCS 3309.55↓-6.65(-0.20%)
Tech Mahindra 1112.30↑13.90(1.27%)
Titan Company 2798.35↓-4.15(-0.15%)
UltraTech Cem. 7784.00↓-117.95(-1.49%)
UPL 689.35↑0.30(0.04%)
Wipro 403.20↑0.70(0.17%)

Adani Group pulls off $2.5 billion share sale after jump in final bids

The fully subscribed offering removes one overhang for India's $3.2 trillion stock market, which recently dropped out of the world's five biggest by value

Filipe Pacheco | Bloomberg

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Photo: Bloomberg

4 min read Last Updated : Jan 31 2023 | 9:56 PM IST

Gautam Adani pulled off a closely watched $2.5 billion equity sale for his flagship company, largely thanks to existing shareholders, earning the Indian billionaire some reprieve after his empire was rocked by fraud allegations by short seller Hindenburg Research.

The offering by Adani Enterprises Ltd. was India’s largest follow-on share sale, and was fully subscribed on the final day, aided by a last- minute surge in demand from institutional investors. Interest from retail investors — who Adani was hoping to attract — was notably weak.

While the share sale’s completion is a victory for Adani after Hindenburg’s allegations put the offering in doubt, that’s unlikely to fully dispel investor concerns about the conglomerate’s corporate governance.