Adani Enterprises share sale via follow-on public offer (FPO) was fully subscribed by 3:15 pm data from stock exchanges showed.
The share sale, which witnessed lukewarm response from investors in the first two days of the issue, saw a spike on the last day fuelled by strong demand from non-institutional investors and qualified institutional buyers which comprise of mutual funds, banks and foreign institutional investors.
Portion of shares reserved for qualified institutional buyers (QIBs) in the FPO was subscribed 97 per cent and shares set aside for non-institutional investors was booked 3.3 times. Retail investors were not showing keen interest in the FPO as pie set aside for them was booked 11 per cent.
The share sale needs at least 90 per cent subscription to go through, analysts said.
Adani Group shares have seen a massive selloff after a report from US.-based short seller Hindenburg Research flagged concerns about high debt levels and use of tax havens.
The share sale is critical for Adani, not just because it is the country's largest follow-on offering and will help cut debt, but also because its success will be seen as a stamp of confidence by investors at a time the tycoon faces one of his biggest business and reputational challenges of recent times.
The group had in recent days repeatedly said investors were standing by its side and the share offering would go through, amid rising concerns that may not happen. Bankers at one point had considered tweaking the pricing of the issue, or extending the sale, Reuters had reported.
The support for Adani's share sale came even as the flagship's shares were trading at Rs 3,002 far below the lower end of the share sale price band of Rs 3,112.
Over the weekend and through Monday, Adani's firm held extensive discussions with investment bankers and institutional investors to attract subscriptions, according to two sources with direct knowledge of the talks.
Abu Dhabi conglomerate International Holding Company had said it will invest $400 million in the issue.
Hindenburg said in its report it has shorted US-bonds and non-India traded derivatives of the Adani Group. On Tuesday, US dollar-denominated bonds issued by Adani Ports and Special Economic Zone continued their fall into a second week.
