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Adani Enterprises Ltd on Wednesday said its Rs 20,000 crore follow-on public offer (FPO) will open for subscription on January 27 and has set the price band for it at Rs 3,112-3,276 per equity share.
At the lower end of the band, the shares are being offered at a discount of 13.44 per cent when compared to Wednesday’s closing price of Rs 3,595.35 a share on BSE.
Of the total fund raised from the FPO, the company will invest Rs 10,869 crore in capital expenditure for green hydrogen system, airports and construction of greenfield expressway. It will also use another Rs 4,165 crore for repayment of debt of its three subsidiaries – Adani Airport Holdings Ltd, Adani Road Transport Ltd, and Mundra Solar Ltd, according to the prospectus filed in BSE.
The company is offering a discount of Rs 64 per share to retail investors. The minimum bid lot in FPO is four shares and in multiples of four shares thereafter, the company said in a filing to exchanges.
The subscription for FPO will close on January 31, 2023.
As of September 30, 2022, the promoter’s shareholding in Adani Enterprises stood at 72.63 per cent and the balance 27.37 per cent was held by public investors, of which FIIs owned 15.59 per cent in the company, the BSE data showed.
In the quarter ended September 2022, the company’s consolidated net profit jumped to Rs 460.94 crore from Rs 212.41 crore in the same period of the previous fiscal.
Its revenue from operations increased to Rs 38,175.23 crore in the quarter from Rs 13,218.02 crore in the corresponding quarter of the previous fiscal.
