Cloud over Adani Enterprises FPO as stock dips 11-15% below offer

Offer garners just 1% subscription on opening day, with bids worth just Rs 150 cr vs Rs 14,908 cr on offer

The rout in shares of Adani Enterprises (AEL) has put the firm’s Rs 20,000-crore follow-on public offering (FPO) under a cloud.

The share sale on the first day garnered just 1 per cent subscription, attracting bids worth Rs 150 crore as against Rs 14,908 crore on offer, the data provided by the exchanges showed.

Shares of AEL crashed 18.3 per cent on Friday to finish at Rs 2,769.

The stock now is available at an 11-15.5 per cent discount to the FPO price. The price band for the FPO is Rs 3,112-3,276 per share.

“Even if one applies a Rs 64 discount applicable for