Photo Credit: Amit Dave/Reuters
Adani Enterprises' Rs 20,000-crore FPO, India's largest yet, opens for subscription.
Adani Enterprises has pegged the floor price of its Rs 20,000-crore offer at Rs 3,112 per share. The cap price for India's biggest issue is Rs 3,276 apiece.
Adani Group is offering a discount of Rs 64 per share to retail buyers. The minimum bid lot for the follow-on public offering will be four equity shares.
The Gautam Adani-led firm said bidders will have to pay half of the offer price upfront, while the balance amount will have to be paid on one or more subsequent calls.
The FPO, which is also India's largest yet, opened for anchor investors today. The issue closes on Jan. 31.
Adani Group will use the proceeds to repay debt, invest in airport and green energy projects, and for general corporate purposes.
Adani Group CFO Jugeshinder 'Robbie' Singh said the company wants to bring in new shareholders, and facilitate emergence of its infrastructure and energy companies.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.