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Adani Enterprises FPO: Tuesday has been a very pleasant day for the Adani group. Finally, the Rs 20,000 crore FPO of Adani Enterprises has been fully subscribed before closing. The company had issued 4,55,06,791 shares in the FPO and has received applications for 5,08,68,352 shares and according to BSE data, the FPO has closed with a total subscription of 1.12 times on the last day of application.
According to BSE data, non-institutional investors have been the biggest contributor to the FPO of Adani Enterprises. 96,16,323 shares were reserved for non-institutional investors but applications have been received for a total of 3,19,30,848 shares. A total of 1,28,21,336 shares were issued to institutional investors and applications have been received for 1,61,03,776 shares. However, the quota for retail investors has been subscribed only 0.12 times. Retail investors had distanced themselves from the FPO after the fall in the stock of Adani Enterprises. 2,29,08,464 shares were reserved for retail investors but only 27,45,960 shares were applied for. Even the quota for the employees of Adani Enterprises could not be filled completely and only 0.55 per cent quota has been subscribed.
Till Monday, the FPO was subscribed only 0.3 times, but institutional and non-institutional investors invested heavily in the FPO on the last day. Abu Dhabi International Holding Company (IHC) has also invested $ 400 million in Adani Enterprises’ follow-on offer (Adani Enterprises FPO), which is 16 percent of the total size of the FPO.
Adani Enterprises had fixed the price band of FPO from Rs 3112 to Rs 3276 per share. Even on Tuesday, the stock closed after trading below the FPO price. On Tuesday, the stock closed at Rs 2974 with a gain of 2.80 per cent.
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