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Adani Enterprises trades 4% lower ahead of FPO subscription beginning Friday

  • 27 Jan, 2023 |
  • 10:05 AM
  • Adani Enterprises FPO grey market premium (GMP) is Rs45 today, down from Rs100 per equity share on Wednesday morning.

Adani Enterprises will launch its follow-on public offer for subscription on January 27, with a closing date of January 31. The offer price range is Rs3,112-3,276 per share. 

Retail shareholders have a 35% reservation in the FPO and a Rs64 per share discount.

Investors can bid for a minimum of four shares and in multiples of four thereafter. The Adani Group intends to raise Rs20,000 crore through the largest FPO in Indian capital markets history.

The funds will be used for green hydrogen ecosystem projects, the improvement of existing airport facilities, and the construction of a greenfield motorway.

Meanwhile, the grey market outlook toward Adani Enterprises FPO has remained unchanged. According to market observers, Adani Enterprises FPO grey market premium (GMP) is Rs45 today, down from Rs100 per equity share on Wednesday morning.

As per the company, the tentative date of allocation is February 3, 2023. A bidder will be able to submit an application in lots of four Adani Enterprises shares.

According to the FPO's preliminary schedule, the share listing could take place on February 8, 2023.

At around 9.23 AM, Adani Enterprises counter was trading at Rs3,256.90, down by 3.90% against the previous close of Rs3,388.95 on NSE. The counter opened at Rs3,335 in today’s trade.

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