Adani Enterprises' Rs 20,000-crore FPO likely before Budget 2023

Will be first to issue partly-paid up shares

Adani Enterprises Ltd (AEL), the flagship entity of the Adani group, is planning to launch its Rs 20,000-crore follow-on public offer (FPO) before the Union Budget on February 1, thanks to an encouraging response from global investors during the ongoing roadshows, sources in the know said.
 

The firm’s FPO will be the first to issue partly paid-up shares. Issuing such shares will allow AEL to raise Rs 20,000 crore in multiple tranches, they added.
 

The move is from the playbook used by Mukesh Ambani-led Reliance Industries (RIL) during its Rs 53,124-crore rights issue in 2020. RIL had collected only 25