Adani Ent seeks ₹20,000 cr in FPO, to issue shares on partly paid basis

Market


Adani Enterprises, the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 20,000 crore in follow-on public offering of new shares, according to reports.

The FPO will open for subscription on 27 January and close on 31 January.

The company will issue shares on a partly paid basis. The anchor investor bidding date for the FPO has been fixed on 25 January.

The proposed fundraiser comes amid some concerns about its elevated debt levels and large promoter shareholding.

The share offering would increase the company’s public float from the current 27.4% level. Rival Reliance Industries’ public float stands at around 49%, according to an earlier report.

Debt research firm CreditSights, part of the Fitch Group, had previously said Adani would continue to seek strategic equity partners after flagging concerns over the group’s elevated debt levels.

Shares of Adani Enterprises were 1.21% lower at 3,594.95 on the BSE in Wednesday’s late afternoon deals. In the last one month, the stock price of Adani Enterprises has dipped 14% ahead of its FPO.

FPOs are done by already listed companies to diversify their equity shareholding. The previous largest FPO was a 15,000 crore share sale in 2020 by Yes Bank.

Mint could not independently confirm the news.


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