NEW DELHI: Adani Enterprises has raised Rs 5,985 crore from 33 institutional investors by allotting 1.83 crore shares under anchor portion of its Rs 20,000 crore follow-on public offer (FPO). The anchor portion of the share sale, India’s largest FPO, was allocated to high-profile investors at Rs 3,276 a share.
Major foreign institutional investors such as Abu Dhabi Investment Authority (ADIA), Maybank Asia, Goldman Sachs, Nomura, Societe Generale, Jupiter, BNP Paribas, Al Mehwar, Citi Group, Morgan Stanley picked up stake.
Top domestic investors such as SBI Employee Pension Fund, HDFC Life, Life Insurance Corporation of India, SBI Life and other salient names like MK Ventures were also a part of the anchor book. “Such a healthy and diversified anchor book shows the overall investor confidence in the strong business fundamentals of the company,” said a senior official of Adani Enterprises.
Maybank was allocated 34.09% of the 1.83 crore shares reserved for institutional investors for Rs 204 crore, while ADIA got 2.56% worth 153 crore. Goldman Sachs Investment 4,45,664 shares worth nearly Rs 145.9 crore, according to a circular uploaded on the BSE website.
Local insurance behemoth Life Insurance Corp of India was allocated 5% or 9,15,748 shares worth nearly Rs 300 crore, SBI Life Insurance got allotment for Rs 125 crore worth of shares and SBI Employees Pension Fund another Rs 100 crore.
The mega offer, in which 35% of the shares are reserved for retail investors, will open for subscription on January 27. Adani Enterprises, flagship firm of Adani Group, has set a price band of Rs 3,112 to Rs 3,276 for share sale, in which retail investors will get a Rs 64 discount per FPO equity share.
It will use proceeds from the FPO to repay debts and to meet its capital expenditure requirements. Out of Rs 20,000 crore proceeds from FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway. An amount of Rs 4,165 crore will be utilised for repayment of debt taken by its airports, road and solar project subsidiaries.