The Adani Group company plans to raise Rs 20,000 crore via the FPO, the largest ever FPO in the Indian capital markets history. (Representative image)
Adani Enterprises on January 25 said it has raised close to Rs 6,000 crore from anchor investors. The firm noted that it has received Rs 2,992.4 crore from anchor investors ahead of its follow-on public offer (FPO) opening for the public, which is half of the amount of the total anchor book launched. The remaining amount will be payable by anchor investors later in one or more subsequent calls.
The company has opened its anchor book of 1.82 crore shares at an offer price of Rs 3,276 per share, which amounts to Rs 5,984.9 crore.
"FPO committee of the board of directors of the company, in consultation with merchant bankers has finalized allocation of over 1.82 crore equity shares, to anchor investors at the anchor investor allocation price of Rs 3,276 per share of which application bid amount of Rs 1,638 per share is paid by the anchor investors," the company said in its filing to exchanges.
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"The balance amount of Rs 1,638 per share and a total balance amount of Rs 2,992.4 crore for over 1.82 crore shares allotted to Anchor Investors is payable by the anchor investors on one or more subsequent call(s), as determined by the company’s board of directors or a committee thereof at its sole discretion, from time to time," it added.
A total of 33 investors participated in the anchor book including Maybank Securities, Abu Dhabi Investment Authority, ABS Direct Equity Fund LLC - India Series, BNP Paribas Arbitrage, Societe Generale, Jupiter India Fund, Goldman Sachs, Morgan Stanley Asia (Singapore), Nomura Singapore, Citigroup Global Markets Mauritius, Cohesion MK Best Ideas SubTrust, BOFA Securties Europe SA, and Dovetail India Fund Class 6.
Among others, State Bank Of India Employees Pension Fund, Life Insurance Corporation Of India, SBI Life Insurance Company, HDFC Life Insurance Company, HDFC Life Insurance Company, Belgrave Investment Fund, Authum Investment and Infrastructure, Ayushmat, Coeus Global Opportunities Fund, Aviator Global Investment Fund, and Tara Emerging Asia Liquid Fund also invested in the company via anchor book.
The meeting of the FPO Committee is scheduled to be held on February 1 for approval of the offer price and prospectus in relation to the offer.
Adani Enterprises will open its follow-on public offer for subscription on January 27 and the closing date will be January 31. The price band for the offer is Rs 3,112-3,276 per share.
The Adani Group company plans to raise Rs 20,000 crore via the FPO, the largest ever FPO in the Indian capital markets history.
The funds will be utilised for projects of the green hydrogen ecosystem; improvement works of certain existing airport facilities; and construction of greenfield expressway.
The multinational company will also repay certain debts via OFS funds, besides general corporate purposes.
ICICI Securities, Jefferies India, SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities, JM Financial, IIFL Securities, Monarch Networth Capital, and Elara Capital (India) are acting as the book running lead managers to the issue.
