Adani Enterprises’ ₹20,000 crore FPO
Adani Group flagship Adani Enterprises said it will raise ₹20,000 crore through a new public offering of shares in what is said to be the largest FPO in the country.
Adani Group’s flagship company has filed documents with the Capital Markets Regulatory Securities and Exchange Board (Sebi) on Monday for an FPO.
The FPO will open for subscription on January 27 and close on January 31.
The company will issue the shares on a partial payment basis. The anchor investor auction date for the FPO is set for January 25.
However, the prospectus of Adani Enterprises did not mention the price list for the follow-on sale of shares.
A source told Mint that the company is awaiting approval from merchant bankers involved in this follow-on public offering.
In share sale proceeds
The Adani Group will use the proceeds from the FPO for capital expenditure requirements and to pay down some debt of its units. The company will use ₹10,869 crore of the ₹20,000 crore to fund green hydrogen projects, airport facilities and greenfield expressways, the company said in its latest prospectus.
The company will use ₹4,165 crore to repay the debt of its three divisions – Adani Airport Holdings Ltd, Adani Road Transport Ltd and Mundra Solar Ltd.
In November last year, the board of directors of Adani Enterprises approved a decision to raise up to ₹20,000 crore through FPO and plans to dilute 3.5% stake through FPO. Currently, the promoter group holds 72.63% stake in the company.