Rs 20,000-crore Adani FPO to open on Jan 27; floor price at Rs 3,112 By Siddhant Mishra The Adani group on Wednesday filed its red herring prospectus with the regulator for a follow-on public offer (FPO) to raise ₹20,000 crore. The company has set the floor price of the offer at ₹3,112 per share, and the cap price at ₹3,276 a share for all categories of investors, it said in a separate filing to the BSE. The board also approved a discount of ₹64 per share for retail investors. The minimum bid lot will be of four shares (in multiples of four shares thereafter). ICICI Securities, Jefferies India, SBI Capital Markets, Axis Capital, BOB Capital Markets, JM Financial, IDBI Capital Markets & Securities, IIFL Securities, Monarch Networth Capital, and Elara Capital (India) are the lead managers to the issue, according to the RHP. Shares aggregating up to ₹50 crore are reserved for bidding by eligible employees, not exceeding 5% of the post-offer paid-up equity share capital. Not less than 35% of the shares are reserved for retail investors. Shares will be allotted to demat accounts of the allottees by February 7, and they can be traded from February 8. In the RHP, the company has said it plans to use the proceeds to meet capital expenditure requirements, repay debt owed by the company and three subsidiaries — Adani Airport Holding, Adani Road Transport, and Mundra Solar — and general corporate purposes. The capex requirements pertain to projects in the green hydrogen ecosystem, improvement in certain airport facilities, and construction of the Greenfield expressway. As of the September quarter, the company had recorded ₹22,137 crore in revenue, ₹469.2 crore in net profit, and an EPS of 4.11. The promoter holding as of September-end was 72.63%, according to BSE data. The Adani Enterprises stock slipped to ₹3,584, down 1.5% on Wednesday. It commands a market capitalisation of ₹4.09 trillion.
The India Meteorological Department informed that dense to very dense fog conditions are very likely to continue in many parts of Punjab, Haryana, Chandigarh, and Delhi during the night and morning hours for the next three days.
“Dense to very dense fog conditions very likely to continue during night/morning hours in many parts of Punjab, Haryana, Chandigarh, Delhi during Dec 28-29 and in some parts for subsequent 3 days. Dense to very dense fog conditions very likely to continue during night/morning hours in some parts of Uttar Pradesh during Dec 28-29 and Dense fog in isolated pockets for subsequent 3 days,” the weather office said in its five day bulletin.