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Adani Enterprises FPO: Adani Group raised 6,000 crores amid heavy fall in shares but mutual funds kept distance – adani enterprises raises 6000 crore from anchor investors before fpo


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New Delhi: There was a good news for Adani Group amid a heaviness in stocks due to a negative by US-based short-selling firm Hindenburg Research. The company’s flagship company Adani Enterprises has raised Rs 5,985 crore from anchor investors before the FPO. The company said it has allotted 1,82,68,925 shares to more than 30 institutional investors at Rs 3,276 per share. The company has kept the price band of Rs 3,112 to Rs 3,276 for this FPO. The anchor book of the company received a good response from all classes of investors. But among domestic investors, only life insurance companies participated in it. Mutual funds kept distance from this issue. The company’s Rs 20,000 crore FPO will open for subscription on Friday and close on Tuesday.

Companies participating in the issue included Abu Dhabi Investment Authority (ADIA), Maybank Asia, Goldman Sachs, Nomura Financial, Societe Generale, Jupiter, BNP Paribas, Al Mehwar, Citigroup and Morgan Stanley. Government insurance company LIC (LIC) was issued five percent of the total anchor portion ie 9,15,748 shares. LIC already holds 4.2 per cent stake in Adani Enterprises. Similarly, Japan’s investment bank Nomura Singapore has been allotted 1.07 per cent of the anchor portion. SBI Life Insurance and HDFC Life Insurance participated in the pre-FPO placement.

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Adani Group shares fall

Earlier, due to a report, the shares of Adani Group fell by 10 percent. US-based investment research firm Hindenburg Research has claimed in a report that the Gautam Adani-led group has been involved in blatant stock manipulation and account fraud for decades. The report details the ‘front units’ controlled by the Adani family. These companies range from the Caribbean and Mauritius to the United Arab Emirates (UAE). It has been claimed that these were used to carry out corruption, money laundering and tax evasion. Also it was used for misappropriation of funds of listed companies of the group.

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Describing the report as a bundle of lies, the Adani Group said that it was not contacted to verify the facts regarding the report. The report has been prepared on nothing but selectively wrong and baseless information and the intention is completely malicious. The things on the basis of which the report has been prepared, the courts of India have also rejected it. The group has also questioned the timing of the report. It said that the report released just before the FPO clearly shows that it has been brought with malicious intent aimed at tarnishing the reputation of the Adani Group.

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