New Delhi: A scathing report by US-based short-seller Hindenburg Research notwithstanding, Adani Enterprises’ follow-on public offer (FPO) worth Rs 20,000 crore was over-subscribed on the last day with heavy support from non-institutional investors.
Of the 4,55,06,791 fresh shares on offer under India’s largest FPO, bids were received for 5,01,12,652 shares by 3.45 pm, The Economic Times reported.
Demand for the FPO from retail investors has been low so far (11%). Non-institutional investor (NII) category was over-subscribed 3.26 times and that of qualified institutional buyers (QIB) oversubscribed 126% as per data from stock exchanges.
The first two days had seen a lukewarm response and the share price fell below FPO price band, but Adani Group refused to extend subscription date or bring down price band.
On Monday, it was announced that Abu Dhabi-based conglomerate International Holding Co (IHC) will invest $400 million in the FPO of Gautam Adani’s flagship company Adani Enterprise through its subsidiary Green Transmission Investment Holding RSC.
It amounts to 16% of the FPO – India’s largest ever.
Adani Group stocks had lost around one-fourth of Rs 5 lakh crore of their market value since Hindenburg published a report last week making several allegations against the Adani Group.
Adani Enterprise share prices have fallen around 29% from 52-week high of Rs 4,190.
Adani Group issued a 413-page rebuttal to 88 questions posed by the New York-based short-seller, raising questions on the motivation behind the report.
Adani said it’s not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, as well as growth story of the country.
Keonjhar: A woman Revenue Inspector (RI) reportedly fainted after Ghasipura Tehsildar in Odisha’s Keonjhar district…
Balangir: In a daring act, unidentified miscreants allegedly looted Rs 7.3 lakh cash from a…
Cuttack: Following the alleged gangrape of a college girl, Cuttack DCP Jagmohan Meena on Friday…
New Delhi: Vivian Jenna Wilson, the transgender daughter of Elon Musk, says she is leaving…
New Delhi: The Ministry of External Affairs on Friday stated that a ‘secret memo’ that…
Bhubaneswar/Cuttack: Amid statewide outrage over alleged gang-rape of a girl college student in Odisha's Cuttack…
New Delhi: A controversy has erupted in Himachal Pradesh over samosas that went missing from…
Bhubaneswar: An IT engineer was arrested by the Commissionerate Police on Friday on charges of…