Adani Enterprises FPO: Adani Enterprise has terminated its FPO. The company’s Rs. 20,000 FPO opened on Jan. 27th and closed on Jan. 31st. But according to Reuters on the night of February 1, the company canceled the FPO. The company now wants to repay the investors’ money. This whole thing came about when the American short seller company Hindenburg research had a dispute with the company. The American company had accused Adani of abusing the tax haven.
The company said in the statement to the stock exchange: “The board of directors of the company, at a meeting on February 1, 2023, decided to withdraw this share sale.”
FPO received an excellent response on the third day
Let us tell you that Adani Enterprises’ FPO received a very good response. On the third day, the issue was fully subscribed and received 1.02 percent subscription. The offering was to be held for 4.55 crore shares under Adani Enterprises. In which bids were received for 4.62 billion shares. However, the retail investor trend has not been looking good for the follow-up to Adani Enterprises’ public offering. This was because Adani Enterprises stock FPO price ranges were also very low. Only 11 percent of the share reserved for private investors was subscribed.
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Anchor investors were enthusiastic
The issue of Adani Enterprises was open for subscription on January 27th. At the same time, on Jan. 25, this stock was open to anchor investors. Anchor investors had bid for shares worth Rs 6000 crore. Let us tell you that for this FPO of Rs 20,000 crore only 1 percent bid was received on the first day and 3 percent on the second day. The issue has been priced at a range of Rs 3,112-3,276 per share. Money raised from the offering will be used to fund certain Gran Hydrogen Systems projects, modernizing existing airport facilities and building new expressways. Apart from that, the company will also be able to repay some loans from some of its subsidiaries like Adani Airport Holding, Adani Road Transport and Mundra Solar.
