Adani Group recovers; FPO completed; More shares are demanded than sold

The FPO of Adani Enterprises has been successfully completed after overcoming the challenge posed by Hindenberg, an American forensic financier research firm. The response was poor on the first day, but on the third and final day, Tuesday, investor interest was evident in stocks.

Adani Enterprises has received more demand for the related share sale than it has brought to the market. Adani Enterprises aimed to sell 4.55 crore shares. But it is reported that demand for more than 5 crore shares has arrived. The subscription is 110 percent. The portion for anchor investors was already subscribed. The share sale ended at 5 pm today.

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The share price fell below the FPO price band and did not get a good response from retail investors. Investors came to only 11 percent of the shares reserved for them. 1.28 crore shares earmarked for Qualified Investment Institutions (QIBs) received a good response. Applications were received for 1.61 crore shares.

Before the issue, anchor investors had subscribed shares worth Rs 6,000 crore. Abu Dhabi’s IHC has invested another $40 million in the segment. With this, 326 percent applications have been received in this category. 52 percent of the applications were for employees.

Adani Group’s shares have suffered heavy losses for consecutive days following the allegations by American investment research firm Hindenberg.

Published by:Arun krishna

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