Adani Enterprises Ltd. launched its follow-on public offering on Friday.
The Adani Group's flagship company is offering shares on a partially paid basis, aggregating up to Rs 20,000 crore, it said in its red herring prospectus filed with the markets regulator.
The company has pegged the floor price for the issue at Rs 3,112 per share and the cap price at Rs 3,276 apiece, according to the red herring prospectus.
It is also offering a discount of Rs 64 per share to retail investors. The minimum bid lot for the FPO will be four equity shares. Buyers can bid for multiples of four equity shares, thereafter.
On application, bidders will have to pay half of the offer price upfront, while the balance amount will have to be paid on one or more subsequent calls, the same as the anchor portion.
According to the filing, the Gautam Adani-led firm will use the proceeds from the FPO to repay debt worth Rs 4,165 crore for itself and its units. It will utilise around Rs 10,869 crore for capital expenditure in the group's airport and green energy projects. The rest will be deployed for general corporate purposes.
"Our intention with the FPO is to expand our share registry with a specific focus on India's retail investors," Adani, founder and chairman of the Adani Group, had said separately in a video as part of Adani Enterprises Ltd.'s road show.
The FPO, he said, is a validation of the company's intent to bring in new public equity investors as shareholders.
Subscription Details: Day 1
The FPO was subscribed 1%, or 0.01 times, as of 5 pm on Jan. 27.
Institutional investors: 0 times.
Non-institutional investors: 0 times.
Retail investors: 0.01 times.
Employees: 0.04 times.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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