As Adani Enterprises’ follow-on public offer (FPO) gets ready to be opened for retail investors later this week, the company raised close to Rs 6,000 crore from anchor investors.
The share sale, which will be India’s biggest ever FPO, will open to retail investors on Friday for a price band of Rs 3,112-3,276 per share
As Adani Enterprises’ follow-on public offer (FPO) gets ready to be opened for retail investors later this week, the company raised close to Rs 6,000 crore from anchor investors.
Around 1.82 crore shares of the company were allocated to 11 institutional investors at Rs 3,276 per share, according to an Economic Times report. India’s biggest ever FPO will open to retail investors on Friday for a price band of Rs 3,112-3,276 per share.
Earlier in the day, anchor investors bid for shares worth Rs 9,000, oversubscribing the anchor investor quota by close to 50 per cent, Reuters reported. Big names such as Abu Dhabi Investment Authority, Maybank Asia, Citigroup, Morgan Stanley and India’s Life Insurance Corporation (LIC) were some of the interested bidders, the report added.
It is not yet clear which of the institutional bidders were allocated the shares.
Ahead of the FPO opening to retail investors, stocks affiliated to Adani Group had a rough day on the Indian equity markets on Wednesday after American financial research firm Hindenburg Research published a report accusing Adani Group of stock manipulation and accounting fraud.
Hindenburg also revealed that they hold short positions on several Adani stocks, eventually leading to several stocks under the Adani Group falling between one and ten per cent on the bourses.
Adani Group, however, refuted the allegations saying that the report was published with the malicious intent of damaging the upcoming Adani Enterprises share sale.