New Delhi, January 31
Adani Enterprises’ follow-on public offer (FPO) was fully subscribed on the last day mainly due to interest shown by non-institutional investors while retail investors were wary and qualified institutional buyers (QIBs) bought slightly less than the quota assigned to them.
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Non-institutional investors subscribed 3.26 times while retail individual investors subscribed just 0.11 times. Qualified institutional buyers (QIBs) subscribed 0.97 times and shares reserved for employees subscribed 0.52 times.
In total, the FPO was subscribed 1.02 times.
Abu Dhabi-based International Holding Company (IHC) saved the offer by announcing that it would take up 16% of the FPO. The company will invest Rs 3,200 crore in the Rs 20,000-crore follow-on public offer (FPO). The Adani Group plans to use the proceeds for debt repayment and capital expenditure with the share allocation to be announced on Friday.
The FPO gathered momentum on the final day of bidding with retail investors staying away after the current share price dipped below Rs 3,112 per share.
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