• On November 25 last year, according to a regulatory filing on BSE, the board of directors of Adani Enterprises approved raising an aggregate amount of ₹20,000 crore through further public offering.
Adani Enterprises share price is in headlines on Tuesday amid reports of ₹20,000 crore follow-on public offer (FPO). Despite the talk of FPO in the market, the stock opened with a fall for the second consecutive day. At the time of writing this news, the Adani stock was trading at ₹3,597.60, down ₹21.40 or 0.59% on BSE. Its market cap has come down to around ₹4.10 lakh crore.
The stock touched the day's low of ₹3,560.05---resulting in a loss of over 1.6% from the previous session.
This will also be the second consecutive day of decline in the stock of Adani Enterprises in the current week.
The Adani group company has filed papers with the stock exchanges for the proposed issue, said an Economic Times report.
Mint could not independently confirm this news.
The FPO filing discussion of the flagship company of the Adani group has been going on since last year. As per the latest news reports, the FPO is likely to be the biggest ever in the country.
The current week started on a bearish note for Adani Enterprises stock. On Monday, the company's share price closed at ₹3,619, down ₹102.40 or 2.75%, on the BSE. Its market cap was over ₹4.12 lakh crore.
ET quoted sources as saying that Adani Enterprises on Monday filed a letter of offer with the stock exchanges for its proposed Rs 20,000-crore follow-on public offer (FPO).
Meanwhile, The Indian Express newspaper reported that Adani Enterprises is expected to file the FPO papers with SEBI on Tuesday or Wednesday after getting a go-ahead from merchant bankers. This report states that Adani's FPO will probably be launched before the Union Budget 2023-24.
On November 25 last year, according to a regulatory filing on BSE, the board of directors of Adani Enterprises approved raising funds of ₹20,000 crore through a further public offering.
In its filing, the Adani Enterprises board approved "raising of funds by way of a further public offering by way of a fresh issue of equity shares by the company aggregating up to Rs 20,000 crore".
Adani Enterprises' ₹20,000 crore FPO will likely be the largest forward-on public offering in the country. Earlier, Yes Bank raised ₹15,000 crore via FPO in 2020 - the biggest issue ever in this basket.
In general terms, FPO is said to be when an already listed company makes a fresh issue of shares or convertible securities to the public or makes an offer for sale to the public.
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