Adani Group Rules Out Price Changes Sale Dates for New

Adani Group Rules Out Price Changes, Sale Dates for New Stock Earnings

Adani Group rules out price changes and sale dates for new shares

Adani Enterprises sells shares in a price range of Rs 3,112 to Rs 3,276.

New Delhi:

Billionaire Gautam Adani’s group on Saturday ruled out any price changes or dates of the follow-up sale of Rs 20,000 crore in the conglomerate’s flagship company, despite its shares falling below the asking price following a damning report from a US short seller.

“Adani Enterprises Limited’s further public offering (FPO) is proceeding on schedule and within the announced price range. There is no change to the issue price schedule,” said a spokesman for the group.

The FPO was underwritten at just one percent on Friday’s opening day. Against an offer of 4.55 billion shares by Adani Enterprises Ltd. According to information from the BSE, only 4.7 billion shares were subscribed.

Adani Enterprises fell nearly 20 percent below the asking price of its secondary sale as all seven of the conglomerate’s publicly traded companies were slammed after Hindenburg Research’s allegations that the group had been “embroiled in a brazen stock manipulation and accounting fraud scheme over the decades.”

The group has dismissed the report, which aims to torpedo the FPO, as malicious and false.

Adani Enterprises sells shares in a price range of Rs 3,112 to Rs 3,276. On Friday, the share price on the BSE closed at Rs 2,762.15.

“All of our stakeholders, including bankers and investors, have full confidence in FPO. We are extremely confident in the success of the FPO,” the spokesman added.

The FPO closes on January 31st.

Adani Enterprises raised Rs 5,985 crore from anchor investors on Wednesday.

According to a circular uploaded to the BSE website, the company allotted 1.82 crore shares at Rs.3,276 per share to 33 funds, bringing the transaction size to Rs.5,985 crore.

Foreign investors who bought the shares included Abu Dhabi Investment Authority, BNP Paribas Arbitrage, Societe Generale, Goldman Sachs Investment (Mauritius) Ltd, Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd and Citigroup Global Markets Mauritius.

A number of domestic institutional investors including LIC, SBI Life Insurance Company, HDFC Life Insurance Company and State Bank of India Employees Pension Fund also participated in the anchor book.

Of the FPO’s Rs 20,000 crore revenue, Rs 10,869 crore will be used for green hydrogen projects, works on the existing airports and the construction of a greenfield expressway.

An amount of Rs 4,165 crore will be used to repay debts incurred by its airport, road and solar project subsidiaries.

Adani Enterprises is India’s largest publicly traded business incubator, creating companies in four core industry sectors – Energy & Utilities, Transport & Logistics, Consumer Goods and Basic Industries.

The current business portfolio includes a green hydrogen ecosystem, data centers, airports, digital, mining, defense and industrial manufacturing.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group company.)

(Except for the headline, this story was not edited by NDTV staff and was published by a syndicated feed.)

Featured Video of the Day

“Satellite Technology Helps Ukraine Keep Troops Connected”: Deloitte’s Sam Balaji