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Adani Enterprises’ ₹20,000 crore FPO fully subscribed on the last day

<ul><li>Gautam Adani-led <keyword id="118623" type="General" weightage="80" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword>’ ₹20,000 crore follow-on public offer (FPO) will go live on January 27.</li><li>The company intends to use part of the proceeds of the FPO to fuel its green hydrogen ambitions.</li><li>The price band of the <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Enterprises FPO is set at ₹3,112-3,276 per share.</li></ul>Gautam Adani-led Adani Enterprises’ ₹20,000 crore follow-on public offer (FPO) will go live on January 27 as it looks to fuel its green hydrogen ambitions, and repay a part of its debt. The price band of the FPO has been set at ₹3,112 — 3,276 per share, with each lot for retail subscribers consisting of four shares. In its red herring prospectus (RHP), Adani Enterprises stated that the FPO will close on January 31. The anchor bidding will begin on January 25. At ₹3,112 per share, the FPO is being offered at a discount of 9.4% as compared to the current market price of ₹3,434. Adani Enterprises’ shares were down 4.5% as of 11:40 am on Thursday. At ₹20,000 crore, this is the largest FPO now in India, eclipsing the ₹15,000 crore FPO of Yes Bank which was launched in July 2020. FPO, as the name suggests, is a follow up to the IPO. It is the issuance of new shares to the investors after a company is listed on the stock exchanges. <cmsannotation type="cmsannotation" annotationid="Fuel for the green hydrogen ambitions" comment="subhead" text="Fuel for the green hydrogen ambitions">Fuel for the green hydrogen ambitions</cmsannotation> Adani Enterprises intends to use proceeds to the tune of ₹10,869 crore towards capital expenditure in relation to projects in its green hydrogen ecosystem, improving its existing airport facilities and constructing a greenfield expressway. It also said that it will use ₹4,165 crore towards partial repayment of debt of three of its subsidiaries — Adani Airport Holdings, Adani Road Transport, and Mundra Solar. It will use the rest for general corporate purposes. According to the RHP, the company and its subsidiaries’ aggregate borrowings outstanding as on September 30, 2022, stood at ₹40,024 crore. <cmsannotation type="cmsannotation" annotationid="A glimpse into Adani’s $50 billion green hydrogen ambitions" comment="subhead" text="A glimpse into Adani’s $50 billion green hydrogen ambitions">A glimpse into Adani’s $50 billion green hydrogen ambitions</cmsannotation> Outlining the risks associated with its green hydrogen strategy, the company said that it has not been appraised yet by an independent institution. “The implementation of our green hydrogen strategy has not been appraised by any bank, financial institution or independent agency, and is based on management estimates and internal management information systems and our business plan,” the company said in the RHP. Adani Enterprises said that it will set up three giga factories – one each to manufacture solar modules, wind turbines and hydrogen electrolysers by 2030. In its red herring prospectus, Adani Enterprises outlined that its end-to-end integrated green hydrogen ecosystem will see the company leverage its facilities at the Mundra special economic zone, allowing for seamless import and export of raw material and finished goods. The company’s $50 billion green hydrogen ambitions will be undertaken by its subsidiary, Adani New Industries. In its initial phase, the company aims to develop a green hydrogen production capacity of 1 million tonnes per annum before 2030. Earlier in July 2022, French petroleum giant Total Energies picked up a 25% stake in Adani New Industries, extending its partnership with the Adani Group from LNG terminals, gas utility and renewables business. Adani Enterprises will also be competing with Reliance Industries in this sector – in its latest report, global brokerage Jefferies has valued Reliance’s electrolyser manufacturing business at $8 billion. Adani Enterprises launched its initial public offering (IPO) in 1994 at an issue price of ₹150 per share. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ril-q3-to-be-a-mixed-bag-muted-growth-in-o2c-robust-retail-and-jio-performance/articleshow/97094061.cms">RIL’s Q3 to be a mixed bag: Muted growth seen in O2C, robust performance projected for retail and Jio</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-q3-net-profit-grows-69-yoy-to-1959-crore-margin-and-asset-quality-see-improvements/articleshow/97093861.cms">IndusInd Bank Q3 net profit grows 69% YoY to ₹1,959 crore, margin and asset quality see improvements</a> <a href="https://www.businessinsider.in/business/corporates/news/competitive-intensity-a-big-risk-for-dmart-say-analysts-after-company-misses-streets-q3-forecast/articleshow/97052145.cms">Competitive intensity a big risk for DMart say analysts after company misses Street’s Q3 forecast</a>

Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt

Adani Enterprises ₹20,000 crore FPO: Price band, open date and other key facts to know

<ul><li>Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword>-led Adani Enterprises has called off its ₹20,000 crore follow-on public offer (FPO). </li><li>This is after the company’s stock witnessed a 28% crash on Wednesday. </li><li>The company said in its exchange filing that it will return money to investors. </li></ul>Gautam Adani-led Adani Enterprises has called off its ₹20,000 crore follow-on public offer (FPO) after the company’s stock witnessed a 28% crash on Wednesday. The company said in its exchange filing that it will return money to investors. Adani Enterprises’ shares came under immense selling pressure on Wednesday, and ended the day with a decline of 28%. <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, the company’s founder and chairman, called it “unprecedented”. “Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct,” said Adani. One of the triggers behind today’s fall were reports of investment banker Credit Suisse no longer accepting bonds of Adani Group companies as collateral for margin loans. The investment banker has reportedly assigned a zero lending value to notes of Adani Ports &amp; SEZ, Adani Green Energy, and Adani Electricity Mumbai. Curiously, the banker upgraded the rating of Adani Ports &amp; SEZ on Tuesday to “outperform” from “neutral”. <a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscription-details-stock-price/articleshow/97476824.cms">Adani Enterprises’ FPO</a> witnessed cold reception until Day 2, but qualified institutional buyers (QIB) and non-institutional investors bailed it out on the last day. Retail investors showed the least amount of interest, however, given that the stock price of Adani Enterprises was 4% below the lower limit of the FPO band of ₹3,112. All in all, the retail category witnessed only 12% subscription. “We are working with our Book Running Lead Managers (BRLMs) to refund the proceeds received by us in escrow and to also release the amounts blocked in your bank accounts for subscription to this issue,” Adani said in the exchange filing. Since the Hindenburg Research report was released on January 24, the rout in Adani Group shares has led to a $86 billion decline in the group’s combined market capitalisation. A<a href="https://www.reuters.com/business/adani-group-stocks-resume-fall-after-25-bln-share-sale-goes-through-2023-02-01/"> Reuters</a> report states that market regulator Securities and Exchange Board of India (SEBI) is looking into the matter. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscription-details-stock-price/articleshow/97476824.cms">Adani Enterprises’ ₹20,000 crore FPO fully subscribed on the last day</a> <a href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms">Income tax bonanza, capex push emerge as the stars of Budget 2023-24</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-witness-high-volatility-amidst-war-of-words-between-the-company-and-hindenburg-research/articleshow/97437171.cms">Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research</a>

Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price

<ul><li>India’s benchmark indices ended Thursday on a mixed note after a choppy session.</li><li>While <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed higher by 224 points or 0.38% at 59,932, <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> ended 6 points or 0.03% lower at 17,610.</li><li>Adani Group stocks continued to tumble after the <keyword id="118623" type="General" weightage="20" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword> follow-on public offer (FPO) was called off late night on Wednesday.</li></ul>India’s benchmark indices Sensex and Nifty50 ended mixed on Thursday while Adani Group stocks tumbled after the Adani Enterprises follow-on public offer (FPO) was <a href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">called off</a> late night on Wednesday. While Sensex closed higher by 224 points or 0.38% at 59,932, Nifty50 ended 5.90 points or 0.03% lower at 17,610. Domestic markets continued to remain under pressure despite positive cues from global peers that traded higher on smaller rate hikes by the US Fed and expectation of very few rate hikes ahead. The rout in all the nine Adani Group stocks left investors jittery and all this after the Hindenburg Research report came out. Investment bankers Credit Suisse and Citigroup have also reportedly stopped accepting securities of Adani Group companies as collateral for margin loans. “Despite a growth oriented budget, drop in crude prices and upside in the global market, the domestic market is not able to gain because of the Adani saga having a ripple impact on the investors,” said Vinod Nair, head of research at Geojit Financial Services. “In addition, the premium valuation of India continues to weigh down the performance compared to other emerging markets which are expecting upside in the economy. The global markets are positive in assumption of being in the last phase of the rate hikes,” Nair added. Top winner and losers on Nifty50 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-26.70% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.94% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7.20% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.81% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.82% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.40% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.67% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.92% </td></tr></tbody><tbody></tbody></table>Source: NSE, February 2, 2023 Global markets trend upwards on smaller rate hike by the US Fed Markets in the US rebounded after the US Fed delivered a smaller rate hike of 25 basis points as anticipated. Fed chair Jerome Powell said that the process of disinflation has started, which could mean a softer stance by the Fed going forward. S&amp;P 500 closed 1.02% up, while Dow Jones was flat with gains of 0.02%. The tech-heavy Nasdaq closed 2% in the green. In Asia, most markets ended on a positive note on Thursday, led by Taiwan Weighted which was up 1.14%, while KOSPI surged 0.78%. Shanghai Composite was up 0.02%, while Hang Seng fell 0.52%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sectoral indices </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty FMCG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.28% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty IT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.83% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pvt Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.68% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Media </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.39% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.38% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty PSU Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Fin Service </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nity Metal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.35% </td></tr></tbody><tbody></tbody></table>Source: NSE as on February 2, 2023 SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price</a> <a href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms">Income tax bonanza, capex push emerge as the stars of Budget 2023-24</a> <a href="https://www.businessinsider.in/stock-market/news/budget-impact-10-stocks-that-stand-to-gain-from-fms-announcements/articleshow/97530195.cms">Budget Impact: 10 stocks that stand to gain from FM’s announcements</a>

Sensex, Nifty50 end Thursday on a mixed note after a choppy session: Adani Group stocks continue to tumble

<ul><li>Adani Enterprises’<a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-20000-crore-fpo-price-band-open-date-and-other-key-facts/slidelist/97129042.cms"> ₹20,000 crore follow-on public offer</a> (FPO) has been subscribed just 1% on the end of day 1 on Friday.</li><li>The FPO is the largest in India Inc’s history, and the company raised ₹5,985 crore from anchor investors.</li><li>The stock is trading at a discount to the lower price band of the FPO price.</li><li>The shares are trading at a discount of ₹21 in the grey market.</li></ul>Adani Enterprises’<a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-20000-crore-fpo-price-band-open-date-and-other-key-facts/slidelist/97129042.cms"> ₹20,000 crore follow-on public offer</a> (FPO) has been subscribed just 2% at 12:03 pm on Monday. It’s the second day of the IPO subscription process. By the end of day 1 on Friday, the FPO was subscribed 1%. The poor demand for the FPO comes after the New York-based <a href="https://hindenburgresearch.com/adani/">Hindenburg Research report </a>alleged on January 24, that the Gautam Adani-led group engaged in stock manipulation and accounting fraud. As on Monday, shares of Adani Enterprises are up nearly 4% at around 12:47 pm. But, at ₹2,853, the stock is still 9% lower than the lower price band of ₹3,112 of the FPO. The price band for the issue is fixed at ₹3,112 and ₹3,276 per FPO equity share. The FPO closes on January 31. Most group stocks have been taking a beating since the report came out. Since January 24, the group’s combined market capitalization fell by ₹5.57 lakh crore, with a <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">fall of ₹3.22 lakh crore on Friday alone</a>. Indian benchmark index Sensex and Nifty50 closed lower by around 1.5% each on Friday, as India VIX shot up 18%. The shares of all seven listed <keyword id="4929350" type="General" weightage="20" keywordseo="Adani-Group-companies" source="Orion">Adani group companies</keyword> have been volatile, as the research firm said that it has taken short positions on the group’s US-traded bonds and non-Indian-traded derivative instruments. Adani Group on Sunday gave a lengthy response to the allegations saying that it is in compliance with all applicable laws and regulations. “We are committed to the highest levels of governance to protect the interests of all our stakeholders," a statement said. The FPO is the largest in India Inc’s history, and the company has raised ₹5,985 crore from anchor investors already. Adani Enterprises intends to use the proceeds of the FPO to meet capital expenditure requirements of its green energy projects, and paring down its debt and that of its subsidiaries. The company’s shares are currently indicating a discount of ₹21 per share in the grey markets. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category of investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.00 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.01 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.03 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.08 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.02 times </td></tr></tbody></table> Brokerages ‘cautiously optimistic’ “The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on public offering from Adani Enterprises, the biggest FPO ever in India,” said Jugeshinder Singh, chief financial officer, Adani Group, on January 25. Seconding his views, Bengaluru-based proxy advisor InGovern said that there are no new facts in the Hindenburg report, and, at best, it is a compilation of all past allegations against the Adani group with an aim to bring down the stock price. “Though the Hindenburg report talks of high valuations and over leverage by the Adani group, the nature of the industries in which Adani group companies operate and data on debt holding in Adani group companies indicate otherwise. 1. Valuations is in the eyes of those who have a position and are willing to bet on it. 2. These days, there are many new age companies with no revenue model and with no earnings, <keyword id="645971" type="General" weightage="20" keywordseo="Adani-stocks" source="Orion">Adani stocks</keyword> may appear to be inexpensive,” said InGovern in a report. Adani Enterprises’ FPO received <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">mixed reactions from brokerages</a>, who underline that the green hydrogen bet is ‘high risk’. Overall, brokerages maintained cautious optimism while highlighting the risk and rewards of investing in the company. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-witness-high-volatility-amidst-war-of-words-between-the-company-and-hindenburg-research/articleshow/97437171.cms">Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research</a> <a href="https://www.businessinsider.in/business/news/hindenburg-ignores-indian-legal-processes-adani-group-on-the-firms-allegations/articleshow/97431153.cms">Hindenburg ignores Indian legal processes: Adani Group on the firm's allegations </a>

Adani Enterprises FPO subscribed just 2% amid allegations by Hindenburg Research

<ul><li>Indian benchmark indices are likely to open slightly higher today amid cues from the US markets. </li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of markets, was up 0.10% on Monday morning. </li><li><keyword id="118623" type="General" weightage="80" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword>, Vedanta, <keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword>, Tech Mahindra are amongst stocks in focus today. </li></ul>Indian benchmark indices are likely to open slightly higher today amid cues from the US markets and SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of markets, that was up 0.10% on Monday morning. Last week, markets closed on a weak note amid corporate earnings release and as investors started gearing up for the US Fed meeting on Thursday. <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 874 points or 1.45% on Friday at 59,330 while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> ended 287 points or 1.61% at 17,604. Apart from this, markets are also factoring in expectations from the upcoming Union budget 2023 to be conducted on February 1. Analysts believe that the market will take cues from movement in <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> stocks amid Hindenburg allegations and <keyword id="15590575" type="General" weightage="20" keywordseo="adani-enterprises-fpo" source="Orion">Adani Enterprises FPO</keyword> that will end on Tuesday. “Today the market will be completely dominated by the movements in Adani stocks. The statement from Adani Enterprises that the FPO is on schedule and that there is no change in the price band is hugely important. This can be interpreted as a reflection of the confidence of the management in the success of the FPO,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services. “It is important to note that during the last 3 days while Nifty declined by 3.2%, Bank Nifty declined by 6.3% on concerns of the Adani crisis impacting the banks. The correction in high quality private sector banks is a buying opportunity. Investors may wait for the dust to settle,” Vijayakumar added. <cmsannotation type="cmsannotation" annotationid="Asian markets open mixed on Monday" comment="subhead" text="Asian markets open mixed on Monday">Asian markets open mixed on Monday</cmsannotation> Asian stocks were mixed on Monday as investors awaited the US Fed’s decision on interest rates and commentary on inflation this week. Taiwan TSEC 50 Index surges 2.94%, Shanghai SE Composite Index was up 0.53% and Nikkei 225 up 0.33%. Meanwhile, Hang Seng was down 1.39% and Kospi slid 1.21%. Markets in the US closed higher on Friday with tech heavy Nasdaq gaining 0.95%, S&amp;P 500 up 0.25% and Dow Jones up 0.08%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Adani Enterprises: The Gautam Adani-led company came out with a response to Hindenburg Research’s allegations, terming those allegations as an “attack on India”. Today is the second day of Adani Enterprises’ ₹20,000 crore follow-on public offer (FPO). It was subscribed 1% on the first day. Vedanta: The multinational mining conglomerate reported flat revenue growth year-on-year at ₹33,691 crore in Q3, while its net profit fell 40.83% to ₹2,464 crore. It declared a dividend of ₹12.5 per share. Bajaj Finance: The non-banking finance company reported a 24% YoY increase in its net interest income to ₹7,435 crore, while net profit rose 40% to ₹2,973 crore during the period. Earnings today: L&amp;T, Tech Mahindra, Bharat Petroleum, Bajaj Finserv, Emkay Global, GAIL India, Inox Leisure, Mazagon Dock, Punjab National Bank, Trident, among others. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a> <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-in-top-gear-reports-net-profit-of-2958-crore-in-q3-its-first-after-seven-quarters/articleshow/97319081.cms">Tata Motors In Top Gear: Reports net profit of ₹2,958 crore in Q3, its first after seven quarters</a>

Sensex, Nifty50 to open on a tepid note amid mixed global cues: Adani Enterprises, Vedanta, L&T, Tech Mahindra among stocks in focus

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> are likely to open in the green on Friday amid positive global cues. </li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was up 62 points, or 0.34% early in the morning today. </li><li><keyword id="118623" type="General" weightage="20" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword>, <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, <keyword id="111876" type="General" weightage="80" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> are amongst stocks in focus on Friday. </li></ul>India’s benchmark indices Sensex and <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>50 are likely to open in the green on Friday amid positive global cues. SGX Nifty, an early indicator of how the markets may perform, was up 62 points, or 0.34% early in the morning today. Earlier on Wednesday, Sensex and Nifty50 both experienced heavy selling – while Sensex declined 1.27%, Nifty50 fell 1.25% and closed below the 18,000 level. The markets were closed on Thursday, January 26, on account of Republic Day. The Indian rupee was closed nearly flat against the US dollar on Wednesday, down 2 paise to end at 81.65. Crude oil prices edged up to $87.55 per barrel on Friday morning, up 0.31%. <cmsannotation type="cmsannotation" annotationid="US markets experience choppy trading ahead of next week’s US Fed meeting" comment="subhead" text="US markets experience choppy trading ahead of next week’s US Fed meeting">US markets experience choppy trading ahead of next week’s US Fed meeting</cmsannotation> Markets in the US witnessed choppy trading on Thursday as investors started gearing up for next week’s US Fed meeting. Despite the volatility, the S&amp;P 500 index closed at its highest level in a month, ending 1.1% up. The Dow Jones Industrial Average gained 0.61%, while the tech-heavy Nasdaq rallied 1.76%. In Asia, markets were in the green on Friday, led by Korea’s KOSPI which was up 0.9%, followed by Straits Times which gained 0.4%. The Hang Seng index was flat, up by 0.01%, while the Nikkei 225 index gained 0.07% on Friday. The Shanghai Composite index was closed on account of the Lunar New Year holiday. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Adani Enterprises: The Adani Enterprises’ ₹20,000 crore follow-on public offer (FPO) will go live today, with a price band of ₹3,112-3,276 per share. The company has raised ₹5,985 crore from anchor investors. The FPO will be open for subscription from January 27 to January 31. Tata Motors: The automaker reported its first consolidated net profit after seven quarters. Its consolidated net profit stood at ₹2,958 crore in Q3 on the back of strong domestic sales as well as a rebound in JLR sales. Its consolidated revenue grew 22.5% year-on-year to ₹88,489 crore. Bharti Airtel: The telco has increased the prices of its cheapest plan by 57% in seven circles as it looks to boost its average revenue per user (ARPU). Future Retail: Kishore Biyani, the founder of Future Group has resigned as the company’s executive chairman and director. Earnings today: Bajaj Finance, Vedanta, Aarti Drugs, Anupam Rasayan India, Aditya Birla Sun Life AMC, Sterlite Technologies, Glenmark Life Sciences, among others. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-in-top-gear-reports-net-profit-of-2958-crore-in-q3-its-first-after-seven-quarters/articleshow/97319081.cms">Tata Motors In Top Gear: Reports net profit of ₹2,958 crore in Q3, its first after seven quarters</a> <a href="https://www.businessinsider.in/stock-market/news/equity-markets-have-usually-been-nervous-ahead-of-budget-but-a-relief-rally-is-likely-post-budget/articleshow/97286146.cms">Equity markets have usually been ‘nervous’ ahead of budget but a relief rally is likely post budget, say analysts</a> <a href="https://www.businessinsider.in/business/corporates/news/maruti-suzukis-q3-net-profit-zooms-133-to-2351-crore-on-lower-input-costs/articleshow/97275909.cms">Maruti Suzuki’s Q3 net profit zooms 133% to ₹2,351 crore on lower input costs</a>

Sensex, Nifty50 likely to open on a positive note amid positive global cues: Adani Enterprises, Tata Motors, Bajaj Finance among stocks in focus

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated by 9 paise to 81.52 against the US currency in early trade on Friday as crude oil prices were little changed ahead of the oil cartel OPEC's meeting. Expectations of FII inflows into Rs 20,000 crore <keyword id="16265593" type="General" weightage="20" keywordseo="FPO-of-Adani-Enterprises" source="Orion">FPO of Adani Enterprises</keyword> also bolstered the local currency. At the interbank foreign exchange market, the rupee opened higher at 81.51 against the previous close of 81.61 on Wednesday. The money markets were closed on Thursday for the Republic Day holiday. The rupee moved in a range of 81.50 to 81.58 in early trade. It was trading at 81.52 to a dollar at 0940 hours. Meanwhile, the US <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, edged up 0.08 per cent to 101.92. Brent crude was trading 0.34 per cent higher at USD 87.77 per barrel. The Joint Ministerial Monitoring Committee of OPEC will meet next week to take a call on the output and full meeting of the cartel and allies. Also, the 20,000 crore FPO of Adani Enterprises opened on Friday. The company raised around Rs 6,000 crore from anchor investors. On the domestic equity market front, the 30-share BSE Sensex declined by 578.19 points to 59,626.87 while the broader Nifty fell 144.7 points to 17,747.25 in early trade. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they sold shares worth Rs 2,393.94 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/homebuyers-expect-the-budget-2023-to-make-property-purchase-easier/articleshow/97304972.cms">Budget expectations: Homebuyers expect the budget to make property purchase easier</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/from-ray-to-rajamouli-a-look-at-indian-movies-makers-that-made-waves-internationally/slidelist/97306987.cms">From Ray to Rajamouli: a look at Indian movies &amp; makers that made waves internationally</a>

You Searched For "FPO of Adani Enterprises" and got 10 results

Adani Enterprises’ ₹20,000 crore FPO fully subscribed on the last day

Rounak Jain

Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt

Rounak Jain

Adani Enterprises ₹20,000 crore FPO: Price band, open date and other key facts to know

Rounak Jain

Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price

Rounak Jain

Sensex, Nifty50 end Thursday on a mixed note after a choppy session: Adani Group stocks continue to tumble

Rounak

Bhakti

Adani Enterprises FPO subscribed just 2% amid allegations by Hindenburg Research

Bhakti Makwana

Sensex, Nifty50 to open on a tepid note amid mixed global cues: Adani Enterprises, Vedanta, L&T, Tech Mahindra among stocks in focus

Rounak

Bhakti

Sensex, Nifty50 likely to open on a positive note amid positive global cues: Adani Enterprises, Tata Motors, Bajaj Finance among stocks in focus

Rounak Jain

Rupee appreciates by 9 paise to 81.52 in opening trade

PTI

Gautam Adani in striking distance of entering the top 20 richest club once again

Rounak Jain

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