Adani Ent collects Rs 5,985 cr from anchor investors ahead of FPO

Gautam Adani-led group's flagship firm Adani Enterprises Ltd on Wednesday said it has raised Rs 5,985 crore from anchor investors ahead of its follow on public offering.

The company has decided to allot a total of 1,82,68,925 equity shares to 33 funds at Rs 3,276 apiece, taking the transaction size to Rs 5,985 crore, according to a circular uploaded on the BSE website.

Foreign investors who have been allocated shares include Abu Dhabi Investment Authority, BNP Paribas Arbitrage, Societe Generale, Goldman Sachs Investment (Mauritius) Ltd, Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd and Citigroup Global Markets Mauritius.

A slew of domestic institutional investors, including LIC, SBI Life Insurance Company, HDFC Life Insurance Company and State Bank Of India Employees Pension Fund, also participated in the anchor book.

The Rs 20,000 crore-Follow On Public Offering (FPO) of the company is slated to open on January 27 and close on January 31. It will sell shares in the price band of Rs 3,112 to Rs 3,276 apiece.

It will offer a Rs 64 per share discount to retail investors in FPO where the bid lot has been set at four and multiple of four shares.

Out of the Rs 20,000 crore proceeds from the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.

An amount of Rs 4,165 crore will be utilised for repayment of debt taken by its airports, road and solar project subsidiaries.

Adani Enterprises is India's largest listed business incubator and breeds businesses in four core industry sectors -- energy and utility, transportation and logistics, consumer, and primary industry.

The current business portfolio includes green hydrogen ecosystem, data centres, airports, digital, mining, defence and industrial manufacturing.