Shares of Adani Enterprises fell nearly 2 per cent in Tuesday’s trade amid a media report suggesting the Adani Group flagship company has filed an offer letter with stock exchanges on Monday for a proposed Rs 20,000 crore follow-on public offer (FPO). Economic Times quoting sources suggested that the company is examining the possibility of launching the public issue in the last week of January. Following the development, the scrip fell 1.6 per cent to hit a low of Rs 3,560.05 on BSE.
As per Economic Times, the FPO could result in the stakes of promoters led by Gautam Adani falling by 3.5 per cent. As of September 30, promoters held 72.63 per cent stake in the Adani firm while the rest 27.37 percent stake was with public shareholders. Life Insurance Corporation held 4.03 per cent among the public shareholders, while Nomura Singapore, APMS Investment Fund, Elara India Opportunities Fund, and Lts Investment Fund owned 1-2 per cent stakes, ET reported.
Adani Enterprises had announced a follow-on share sale in late November. As per Economic Times report Adani Enterprises might also give a discount to retail investors. However, there is also reportedly a chance that the company could also raise money in the FPO by issuing partly paid-up shares.
Economic Times had on January 10 reported that some of Adani Group’s strategic equity partners, including International Holding Company (IHC) from UAE and other sovereign wealth funds and financial institutions, are expected to be among the largest buyers in the upcoming follow-on public issue.
Adani Enterprises was earlier in news amid reports that the Adani group firm was looking to buy stake in PTC India. The Adani company called the media report speculative.
“The company evaluates various opportunities for growth and expansion of the business of the company on an ongoing basis, with the objective of enhancing stakeholders’ value. Further, there is no information which has not been announced to the stock exchanges and which should have been announced by the company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” the company told BSE on January 13.
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