The portion of Adani Enterprises Ltd's follow-on share sale for qualified institutional buyers and non-institutional investors has been "fully subscribed", people with direct knowledge of the matter have said.
The demand for Adani Enterprises' follow-on offering, or FPO, of Rs 20,000 crore on its last day is over 1.25 times of the total issue size, people familiar with the matter said. The share sale needs at least 90 per cent subscription to go through.
FPOs are done by already listed companies to diversify their equity shareholding.
The issue was subscribed 3 per cent yesterday. The anchor portion that makes 30 per cent of the FPO closed last week with funds from investors like Abu Dhabi Investment Authority.
Abu Dhabi conglomerate International Holding Company will also invest $400 million in the issue.
Adani group firms have lost over $65 billion in stock market value since Hindenburg Research's January 24 report flagged concerns about the group's high debt levels and its suspected improper use of tax havens. Adani has called the report baseless.
Out of the Rs 20,000 crore proceeds from the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at existing airports and construction of a green field expressway.
At least Rs 4,165 crore will be used to repay debt taken by its airports, road and solar project subsidiaries.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
from NDTV News- Topstories https://ift.tt/1iY8Gn9
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