Adani Group’s flagship company, Adani Enterprises has entered another league with its recent move. As per latest reports, Adani Enterprises has filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO).
According to a report in the Economic Times, with the submission of papers for FPO, Adani Enterprises may be exploring an opportunity of launching the public issue in the last week of this month itself. Before this, the company had also announced a follow-on share sale in November.
The report also adds that in this FPO, Adani Enterprises might also give a discount to retail investors. However, there is also reportedly a chance that the company could also raise money in the FPO by issuing partly paid-up shares.
Since it’s been just a day since the company reportedly filed its papers for the FPO, more details, in official capacity are yet to come to light. However, the report goes on to mention that Adani Enterprises has appointed Jefferies, ICICI Securities, SBI Capital, Bank of Baroda Capital, Elara Capial and few others as main bankers to the issue.
As per many experts, the fundraising move is expected to help the company in cutting debt. Moreover, Adani Group’s recent expansion across sectors with the help of buyouts and setting up new plans, have been finance via borrowings, as per the ET report. However, it must be noted that the Adani Group is yet to officially release a statement on this development.