Adani Enterprises FPO garners 3% on Day-2; IHC throws Rs 3,200-cr lifeline

IHC money to come in on final day; Maybank Securities has subscribed for shares worth Rs 2,040 crore as anchor, LIC has submitted bids worth Rs 300 crore

The follow-on public offering (FPO) of Adani Enterprises (AEL) was subscribed only 3 per cent on Monday. The issue, which closes on Tuesday, will require bids of more than Rs 13,000 crore to garner the full subscription.

The Gautam Adani flagship firm, however, will be buoyed by Abu Dhabi-based International Holding Company’s (IHC’s) decision to invest $400 million (Rs 3,260.8 crore at the current exchange rate of Rs 81.52 to the US dollar) in the share sale. The investment — about 16 per cent of the issue size — will be made on the final day.

So far, the offering has garnered