New Delhi : Richest Indian Gautam Adani-led group's flagship firm on Wednesday offered shares at a 10-15 per cent discount in India's biggest follow-on share sale targeting to raise Rs 20,000 crore for green energy and airport expansion.
Adani Enterprises Ltd (AEL) will sell shares in a price band of Rs 3,112 to Rs 3,276 apiece in the follow-on public offer (FPO), slated to open on January 27 and close on January 31, according to the offer letter. The offer price is at a discount to Wednesday's Rs 3,595.35 closing price of the stock on BSE.
Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway. Another Rs 4,165 crore will go towards repayment of debt taken by its airports, road and solar project subsidiaries.
Adani, 60, started as a trader and has been on a rapid diversification spree, expanding an empire centred on ports and coal mining to include airports, data centres and cement as well as green energy. And AEL is the vehicle for most of the new business expansion. AEL is India's largest listed business incubator and breeds businesses in four core industry sectors - energy and utility, transportation and logistics, consumer, and primary industry. It will offer a Rs 64 per share discount to retail investors in FPO where the bid lot has been set at four and multiple of four shares, the filing said.
"We have, over the years, seeded new business interests for the Adani group, developed them into sizeable and self-sustaining business verticals and subsequently demerged them into independently listed and scalable platforms," it said.