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Adani raises Rs.5,985-Cr from 33 anchor investors ahead of FPO

Business Standard  

Adani Group's flagship firm Adani Enterprises Ltd has raised INR 5,985 crore from anchor investors ahead of its follow on public offering (FPO). The company has allotted 1,82,68,925 equity shares to 33 funds at INR 3,276 apiece, taking the transaction size to INR 5,985 crore. Foreign investors who have been allocated shares include Abu Dhabi Investment Authority, BNP Paribas Arbitrage, Societe Generale, Goldman Sachs Investment (Mauritius) Ltd, Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd and Citigroup Global Markets Mauritius. A slew of domestic institutional investors, including LIC, SBI Life Insurance Company, HDFC Life Insurance Company and State Bank Of India Employees Pension Fund, also participated in the anchor book. The INR 20,000 crore- FPO of the company is slated to open on January 27 and close on January 31. It will sell shares in the price band of INR 3,112 to INR 3,276 apiece. Out of the proceeds, INR 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway. About INR 4,165 crore will be used to repay debt taken for airports, road and solar project subsidiaries.