November 05, 2024 14:02 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
Adani Enterprises files Rs 20,000 cr follow-on public offer
Adani FPO

Adani Enterprises files Rs 20,000 cr follow-on public offer

| @indiablooms | 18 Jan 2023, 09:14 pm

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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.