Adani Enterprises raises Rs 6,000 cr from anchor ahead of FPO: Report

Adani Enterprises raised Rs 5,985 crore by allotting shares to anchor investors ahead of the follow-on public offer (FPO), Economic Times reported,

The Adani Group’s flagship company allotted 1,82,68,925 shares to over 30 institutional investors at Rs 3,276 a share, the upper end of the FPO price band of Rs 3,112-3,276 a share, said the report.

According to the ET report, Abu Dhabi Investment Authority (ADIA), Maybank Asia, Goldman Sachs, Nomura Financial, Societe Generale, Jupiter, BNP Paribas, Al Mehwar, Citigroup, and Morgan Stanley have been allotted the stocks.

Among domestic investors, only life insurance companies participated in the anchor placement. Mutual funds did not show interest in the issue.

LIC, which already holds a 4.2 percent stake, was allotted 9,15,748 shares or 5% of the total anchor portion.

The anchor book for Adani Enterprises Ltd. was oversubscribed by 1.8-2 times, Bloomberg had reported.

This came despite the negative report given by US-based Hindenburg Research. It claimed that the 7 key listed companies of the group are "85%+ overvalued even if you ignore our investigation and take the companies’ financials at face value."

Bids for smaller potential investors will be open from Jan 27 to Jan 31.