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Adani Enterprises raises Rs 5,985 crore from anchor investors, FPO oversubscribed

Adani Enterprises raises Rs 5,985 crore from anchor investors, FPO oversubscribed

Adani Enterprises raises Rs 5,985 crore from anchor investors, FPO oversubscribed
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By Jomy Jos Pullokaran  Jan 25, 2023 10:05:26 PM IST (Published)

The Gautam Adani-led firm informed the stock exchange that it has allotted around 1.82 equity shares at Rs 3,276 apiece to the anchor investors.

Adani Enterprises Ltd, the flagship company of Adani Group, on Wednesday said it has raised Rs 5,985 crore from 33 anchor investors ahead of its follow-on-public offering (FPO) that opens for public subscription on Friday (January 27).

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The Gautam Adani-led firm informed the stock exchange that it has allotted around 1.82 equity shares at Rs 3,276 apiece to the anchor investors.
Abu Dhabi Investment Authority, Societe Generale, Jupiter South Asia Investment Company Ltd - South Asia Access Fund, Morgan Stanley Asia (Singapore) Pte, and Jupiter India Fund are among the foreign investors that received allocation under the anchor investor portion of the FPO.
A slew of domestic institutional investors, including LIC, SBI Life Insurance Company, HDFC Life Insurance Company and State Bank Of India Employees Pension Fund, also participated in the anchor book.
The company has fixed the price band for the Rs 20,000-crore issue in the range of Rs 3,112-3,276 per share. If fully subscribed, the Adani share sale will be the second largest FPO in India Inc after Coal India's Rs 22,558 crore issue in 2015. The coal major's bumper Rs 15,199 crore IPO in October 2010 was the biggest till then.
The FPO will open for subscription on January 27 and close on January 31. Of the Rs 20,000 crore proceeds from the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and the construction of a greenfield expressway.
As much as Rs 4,165 crore of the proceeds will go towards debt repayment for airports, roads and solar project subsidiaries, along with repaying some inter-corporate debts, which Singh refused to quantify.
Adani Enterprises is the largest listed business incubator in the country and breeds businesses in four core sectors — energy & utility, transportation & logistics, consumer, and primary industry.
Its current business portfolio includes a green hydrogen ecosystem, data centres, airports, roads, food/FMCG, digital, mining, defence and industrial manufacturing, among others. The company is also tapping industry opportunities, such as green hydrogen, the aviation sector and data centres.
AEL operates and manages seven airports — Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram, and is building the greenfield Navi Mumbai airport.
The group had previously announced plans to invest $ 50 billion over the next 10 years in the green hydrogen ecosystem to produce up to 3 million tonne of green hydrogen. Also, it plans to expand its solar module manufacturing capabilities at Mundra SEZ in Gujarat to up to 10 GW per annum.
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