Adani Enterprises files Rs 20,000 cr follow-on public offer
Mumbai: Gautam Adani led Adani Enterprises on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO).
According to the company's red herring prospectus, the follow-on public issue of Adani Enterprises Ltd will open on January 27 and close on January 31.
Bidding by anchor investors will start on January 25, it said.
A follow-on offering (FPO) is when a public company issues more shares after its initial public offering (IPO).
Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be spent on green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
Another Rs 4,165 crore will be used to repay the debt taken by its airports, road and solar project subsidiaries- Adani Airport Holdings Ltd, Adani Road Transport Ltd and Mundra Solar Ltd.
As of September 2022, the total debt of Adani Enterprises stood at Rs 40,023.50 crore.
Some of Adani Group's strategic equity partners, including International Holding Company (IHC) from the UAE and other sovereign wealth funds and financial institutions, may be reportedly among the largest buyers in the issue, according to a Moneycontrol report.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
India's tour to Australia: Shubman Gill replaces Rohit Sharma as ODI skipper
Women's Cricket World Cup: Hannah Rowe approved as replacement for Flora Devonshire in New Zealand squad
Indian couple from Nagpur killed in road accident in Italy
India thrash West Indies in Ahmedabad by an innings and 140 runs, take unbeatable 1-0 lead
