Adani Enterprises' much talked-about follow-on public offer (FPO) is reportedly expected to open on January 27, 2023. As per latest reports, Adani's FPO will open for subscription on January 27 and is then expected to close on January 31, 2023.
According to a report by ETNow, the Gautam Adani-led company's FPO's details are such - the anchor investor bidding date for the FPO has been fixed as January 25, 2023 and accordingly, the company is expected to issue shares on a partly-paid basis. The FPO is reportedly expected to help Adani in reducing the pile of debt and even fuel expansion. The report adds that this Rs 20,000 crore worth FPO may also result in the stakes of promoters led by Gautam Adani falling by almost 3.5 per cent.
As per last media reports, the promoters had close to 72.63 per cent of Adani Enterprises while the remaining stake lied with public shareholders.
For the unversed, as of Monday, Adani Enterprises submitted an offer letter with the stock exchanges for a proposed Rs 20,000 crore FPO. Some media reports speculated for it to open by the end of this month, while others suggested that it may happen before March 31, 2023 as no definite timeline was given by the company.
Adding to the viral Adani Enterprises' FPO news, as per an ET report, there is also a likelihood for the company to offer a discount to retail investors. However, more would be known only after the company officially releases these details.
Disclaimer: This is a developing story. More details will be added once information is available.
