Adani Enterprises Ltd. has pegged the floor price for its Rs 20,000-crore follow-on public offering at Rs 3,112 per share. India's largest FPO yet opens on Jan. 27.
The cap price for India's biggest such issue is Rs 3,276 apiece, according to an exchange filing by the company issued on Wednesday. The shares of the company closed at Rs 3,584.90 apiece on Wednesday.
The company is offering a discount of Rs 64 per share to retail buyers.
The minimum bid lot for the FPO will be four equity shares. Buyers can bid for multiples of four equity shares thereafter.
On application, bidders will have to pay half of the offer price upfront, Adani Enterprises said in the statement. The balance amount will have to be paid on one or more subsequent calls, it said.
Earlier on Wednesday, the ports-to-power conglomerate filed the red herring prospectus for the offer with markets regulator Securities and Exchange Board of India.
The FPO will open for anchor investors on Jan. 25, while retail buyers can bid for the issue from Jan. 27 to Jan. 31, the RHP shows.
According to the filing, the Gautam Adani-led firm will use the proceeds from the FPO to repay debt worth Rs 4,165 crore for itself and its units. It will utilise around Rs 10,869 crore for capital expenditure in the group's airport and green energy projects. The rest will be deployed for general corporate purposes.
On Wednesday, the Adani Enterprises stock closed 1.5% lower on National Stock Exchange at Rs 3,584.90, against a 0.62% rise in Nifty50, which closed at 18,165.35.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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