Adani Group’s flagship Adani Enterprises Limited has filed papers for a follow-on public offer (FPO) to raise up to ₹20,000 crore, making it the largest FPO in recent history of Indian markets.
The offer is a fresh issue of equity shares aggregating up to ₹20,000 crore on a partly-paid basis, showed the papers filed with markets regulator Securities and Exchange Board of India. The floor price is fixed at ₹3,112 per FPO share, at about 13 per cent equity discount from the NSE’s Wednesday’s closing of ₹3,584.9. The Cap Price is fixed at ₹3,276 with a minimum lot size of four shares and in multiple thereof for all categories of investors. However, the retail individual investors are eligible for a discount of ₹64 per FPO equity share.
The anchor investors can bid on January 25, while bidding for others starts from January 27 to 31.
The company proposes to use the net proceeds to fund capital expenditure requirements for projects under its subsidiaries and repayment of borrowings.