Indian billionaire Gautam Adani-led group’s flagship firm, Adani Enterprises Ltd, on Wednesday announced the floor price for its follow-on public offer (FPO) to raise up to ₹20,000 crore by selling shares in a business that has almost doubled in market value over the past year. The company has decided on a floor price of ₹3,112 per equity share, which opens on 27 January. The cap price of the offer has been fixed at ₹3,276 per share for all categories of investors. Additionally, a discount of ₹64 per share has been approved for retail investors bidding in the retail portion of the offer. The massive share sale would help the billionaire to meet multiple goals such as capital expenditure requirements and pay off some debt of its units. Anchor investors can bid on 25 January and the rest on 27 to 31 January. The stock is trading at a valuation of over 141 times its one-year forward earnings, which is significantly higher than Reliance Industries’ valuation of 20 times.
Today: November 30, 2023