Journalism of Courage
This is an archive article published on January 28, 2023
Adani FPO subscribed just 0.01 times on day 1
The market price of the company's shares fell 18.52 per cent to Rs 2,762.15, well below the FPO price of Rs 3,112-3,276 per share.While 4.55 crore shares are available for subscription, bids for 4.70 lakh shares came on the first day.
FILE PHOTO: The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/File Photo
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Adani FPO subscribed just 0.01 times on day 1
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The follow-on public offer (FPO) of Adani Enterprises on Friday opened 0.01 times (around one per cent) for subscription with just a 0.01 per cent response from investors.
The market price of the company’s shares fell 18.52 per cent to Rs 2,762.15, well below the FPO price of Rs 3,112-3,276 per share.While 4.55 crore shares are available for subscription, bids for 4.70 lakh shares came on the first day. Of this, 3.99 lakh shares were bid by retail investors. The offer will close on January 31.
Among the anchor investors included Life Insurance Corporation Of India, State Bank of India Employees Pension Fund, SBI Life Insurance Company Ltd, Goldman Sachs Investment (Mauritius) I Ltd, Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd and Citigroup Global Markets Mauritius Pvt Ltd, the company said.
Earlier this week, around 33 anchor investors, including Maybank Securities Pte and Abu Dhabi Investment Authority, put in bids worth Rs 5,984 crore for the Rs 20,000 crore FPO of Adani Enterprises.
© The Indian Express Pvt Ltd
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