The follow-on public offering (FPO) of Adani Enterprises (AEL) was subscribed only 3 per cent on Monday. The issue, which closes on Tuesday, will require bids of more than Rs 13,000 crore to garner the full subscription.
The Gautam Adani flagship firm, however, will be buoyed by Abu Dhabi-based International Holding Company’s (IHC’s) decision to invest $400 million (Rs 3,260.8 crore at the current exchange rate of Rs 81.52 to the US dollar) in the share sale. The investment — about 16 per cent of the issue size — will be made on the final day.
So far, the offering has garnered bids worth only Rs 450 crore. In addition, AEL has received commitments for Rs 5,985 crore from anchor investors. Maybank Securities has subscribed to shares worth Rs 2,040 crore in the anchor category, while state-owned Life Insurance Corporation of India has submitted bids worth Rs 300 crore. The announcement by IHC comes at a time whe
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