Adani Enterprises FPO opens today: Know important things before subscribing
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Adani Enterprises’ follow-on public offer (FPO) of Adani Group’s FPO will hit the primary markets today and will be open for subscription till January 31, 2023. Adani Enterprises aims to raise Rs 20,000 crore from this FPO.
Time is not looking very good for the Adani group in the stock market. Talk about the first month of the year 2023, the figures show that the company has been in loss. The Adani group holds the report of American research firm Hindenburg responsible for this. This report has also raised questions on the loans of all the companies of Adani Group. It claimed that 7 major listed companies of Adani Group are overvalued by more than 85 per cent. The firm posed 88 questions to the Adani Group. After this report, there was such a fall in the shares of Gautam Adani’s companies that he had to suffer a loss of about Rs 50,000 crore.
However, talk about the FPO of Adani Group, the follow-on public offer (FPO) of the firm Adani Enterprises will hit the primary markets today and will be open for subscription till January 31, 2023. Adani Enterprises aims to raise Rs 20,000 crore from this FPO. The fund will be used to repay debt, capital expenditure of subsidiaries and for general corporate purposes. Also, this fund has been said to support projects of green hydrogen ecosystem, improvement of some existing airport facilities and construction of greenfield expressway. The price band for the offer is Rs 3,112-3,276 per share. Retail shareholders have 35 per cent reservation in FPOs and a discount of Rs 64 per share.
Adani Group FPO: key points
FPO Date: 27 Jan 2023 – 31 Jan 2023
Price Band: Rs 3,110 to Rs 3,276 per share
Lot Size: 4 shares
According to Adani Enterprises, The objectives of FPO are:
(1) Funding the capital expenditure requirements of subsidiaries – certain projects in the green hydrogen ecosystem, improvement of certain existing airport facilities, and construction of greenfield expressways.
(2) Repayment in whole or in part of certain borrowings of Adani Enterprises, Adani Airport Holding Limited, Adani Road Transport Limited, Mundra Solar Limited.
(3) General corporate objectives. Adani Enterprises FPO GMP (grey market premium): According to market observers, Adani Enterprises FPO GMP is at Rs 45 today, lower than Wednesday morning’s GMP of Rs 100 per share.
Adani Enterprises FPO tentative dates:
Basis of Allotment – February 3, 2023 Refund Commencement – February 6, 2023 Credit of Shares in Demat – February 7, 2023 Listing Date – February 8, 2023
Adani Enterprises FPO Registrar: Link Intime India Private Limited has been appointed as the official registrar of the FPO.
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