Adani Enterprises FPO fully subscribed
New Delhi:
According to market data, the follow-on share sale of Adani Enterprises Ltd has been fully subscribed on the last day of the Rs 20,000 crore issue.
Investors called for at least 4.62 crore shares against the offer of 4.55 crore shares.
Non-institutional investors bid for more than three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers, or QIBs, were almost fully subscribed, according to Bombay Stock Exchange data.
The FPO was successful despite reports of huge dilution in shares of Adani group companies.
FPO is done by already listed companies to diversify their equity shareholding.
“Investors will see the successful completion of the FPO as a welcome relief as it implies that the company still has the backing of institutional investors. The FPO will help raise the public float of Adani Enterprises (thereby partially reducing the promoters’ focus) shareholding), as well as reduce leverage for the company and improve investor sentiment for the wider group,” Leonard Law, senior credit analyst at Leuser Analytics in Singapore, told news agency Reuters.
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