Adani Enterprises FPO update on Day 2

Adani Enterprises' Rs 20,000 crore follow-on public offer (FPO) received bids for 5,59,544 shares on Day 2 so far in the early morning trade. Around 11.09 am, the company has received bidding of about 5,83,820 equity shares and the issue is subscribed 1% of the total size of 5,41,772 shares, as of 10.21 am.

 

The issue has received tepid response so far amid a sharp fall in shares of Adani Enterprises. While the scrip recovered some lost ground in Monday's trade, it is still trading below the FPO price band of Rs 3,112-3,276 per share.

 

Of the total bids received so far, retail investors lead the FPO with more than 5 lakh bids in the issue so far. As per the data, the retail investors' portion received 5,00,908 bids against the reserved size of 2,29,08,464 equity shares. On the other hand, the portion for non-institutional investors received bids of 68,452 equity shares against the reserved size of 96,16,323 equity shares. The demand from qualified institutional investors has continued to stay dull.

 

The FPO committee is scheduled to meet on February 1 for the approval of offer price and prospectus in relation to the offer. In a media interaction, Adani Group CFO Jugeshinder Singh said he is confident the Rs 20,000 crore issue will sail through and that his group was not looking to make any changes with respect to either price band or offer period.

 

Jugeshinder Singh, Adani Group CFO said, the Group has given the responses to market regulator Sebi. Once they get any information, they will accordingly disclose it on exchanges.He also stated that whether Sebi or Attorney General wants to take action in the matter, depends on both of them. Even he stated that the Group's objective has been done, and we have given point by answers to every question along with documents.It took Hindenburg 2 years, we took two-three days to answer those questions, CFO Singh said.

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