Adani Group has filed an offer letter with stock exchanges for a proposed Rs 200 billion follow-on public offer (FPO).
The FPO of Adani Enterprises Limited (AEL) is planned to open on January 27, 2023 and close on January 31, 2023. The floor price of the offer has been approved at Rs 3,112 per FPO equity share and the cap price of the offer is at Rs 3,276 per FPO equity share for all categories of investors. Discount of Rs 64 per FPO equity share for retail individual investors bidding in the retail portion of the offer has also been approved. It has also fixed a minimum bid lot of four FPO equity shares and in the multiples of four FPO equity shares thereafter. Of the Rs 200 billion proceeds of the FPO, Rs 108.69 billion will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway. Another Rs 41.65 billion will go towards repayment of debt taken by its airports, road and solar project subsidiaries.