Adani Enterprises’ FPO To Remain On Schedule At Planned Price Band


Adani Enterprises Ltd., will continue its Follow on Public Offer at the planned price band, according to a company statement.

“There is no change in either the schedule or the issue price,” it said.

Billionaire Gautam Adani-owned companies witnessed a slide in their share price following a report by Hindenburg Research alleging fraud. Adani Group rejected the report terming it as a “malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.”

The company is offering shares on a partially paid basis, aggregating up to Rs 20,000 crore, it said in its red herring prospectus filed with the markets regulator.

It has pegged the floor price for the issue at Rs 3,112 per share and the cap price at Rs 3,276 apiece, according to the red herring prospectus.

It is also offering a discount of Rs 64 per share to retail investors.

“All our stakeholders including bankers and investors have full faith in the FPO. We are extremely confident about the success of the FPO,” the statement noted.

The statement comes in clarification of news reports which stated that investment bankers working on the FPO were considering changes due to a sharp fall in Adani Group stock prices.


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