Adani Enterprises aims to raise Rs 20,000 crore from this FPO and the net proceeds will be used for debt repayment, capital expenditure of subsidiary companies and general corporate purposes.
New Delhi: The follow-on public offer (FPO) of Adani Enterprises, the flagship firm of the Adani Group will hit the primary markets today (27 January 2023) and remain open for subscription till 31 January 2023.
Adani Enterprises aims to raise Rs 20,000 crore from this FPO and the net proceeds will be used for debt repayment, capital expenditure of subsidiary companies and general corporate purposes.
ADANI ENTERPRISES FPO: KEY THINGS TO KEEP IN MIND
- FPO Dates: 27 January 2023 – 31 January 2023
- Price Band: Rs 3,110 – Rs 3,276 per share
- Lot size: 4 shares
- As per Chittorgarh, brokers Ashika Research, Asit C. Mehta Investment Intermediaries Ltd, Dilip Davda, Ventura Securities Limited have recommended applying for the FPO; Nirmal Bang and Sushil Finance Ltd have given a neutral stance; Axis Securities Ltd, HDFC Securities Ltd, JM Financial Institutional Services have not rated.
- As per Adani Enterprises, the objectives of the FPO are: (1) funding capital expenditure requirements of subsidiaries — certain projects in the green hydrogen ecosystem, improvement works of certain existing airport facilities, and construction of greenfield expressway; (2) Debt repayment, in full or part, of certain borrowings of Adani Enterprises, Adani Airport Holding Limited, Adani Road Transport Limited, Mundra Solar Limited; (3) general corporate purposes.
- Adani Enterprises FPO GMP (grey market premium): According to market observers, Adani Enterprises FPO GMP today is Rs 45, which is lower from its GMP of Rs 100 per share Wednesday morning.
- Adani Enterprises FPO tentative dates: Basis of Allotment- 3 February 2023
Initiation of Refunds- 6 February 2023
Credit of Shares to Demat- 7 February 2023
Listing Date- 8 February 2023 - Adani Enterprises FPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the FPO.
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