Fpo adani enterprises

• Adani Enterprises’ ₹20,000 crore follow-on public offer (FPO) has received mixed reception from brokerages, who underline that the green hydrogen bet is ‘high risk’. • However, if the bet pays off, brokerages note that it could propel Adani Enterprises into a new league. • Overall, brokerages maintained cautious optimism while highlighting the risk and rewards of investing in the company. Adani Enterprises’ While Gautam Adani’s ambitious $50 billion green hydrogen ambitions require a lot more funding, brokerages have maintained cautious optimism when it comes to their outlook on the FPO. Adani is not the only Indian billionaire betting on the future with green energy. His rival, Mukesh Ambani also set the wheels in motion for a ‘green’ future of Reliance Industries. The green energy bets, primarily based on green and blue hydrogen, of these two richest Indians amount to $125 billion. This involves setting up an integrated green hydrogen ecosystem which consists of giga factories, solar modules and wind turbines to power the electrolysers in those giga factories. Why is Adani Enterprises raising ₹20,000 crore? 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. According to the red herring prospectus (RHP) filed by the company, ₹10,869 crore has been earmarked for its green hydrogen projects, apart from improving its existing airport facilitie...

Capital Expenditure: Of the total fund raised from the FPO, the company has proposed to invest Rs 10,869 crore in capital expenditure for green hydrogen systems , Debt repayment: The Gautam Adani-led company plans to utilise another Rs 4,165 crore for repayment of loans availed by its subsidiaries, Adani Airport Holdings Ltd, Adani Road Transport Ltd, and Mundra Solar Ltd. What is the FPO price band? The company has fixed the floor price of the FPO at Rs 3,112 per equity share, a 13% discount from last Wednesday’s closing price of Rs 3,595.35 apiece on BSE. The price band of the issue has been set at Rs 3,112-3,276 per share. On the following Thursday, the company’s scrip, which shot up by 126 % in the last year, fell 3.72% at Rs 3,461.6 on the BSE, facing selling pressure from investors who were worried over the high pricing of the FPO. Click here for more How has the stock price behaved? Over the last eight trading sessions, the share price of Adani enterprises has declined by around 10%, and over the past one month, as of mid-January 2023, it has fallen over 16%. Market experts say that since the FPO will come at a discount to the current trading price, the share prices have fallen in anticipation of the same. Also Read | While the FPO size is huge, leading brokerage houses feel that the FPO may get subscribed fully despite a weak secondary market condition, as the company has generated return for investors in the past and there is interest among foreign investors towar...

New Delhi, May 31 (PTI) Billionaire Gautam Adani's conglomerate is looking to raise about USD 3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller. While boards of Adani Enterprises Ltd - the group's flagship firm - and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore (over USD 2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to USD 1 billion in the next couple of weeks, sources aware of the matter said. Post-board approvals, Adani Enterprises Ltd and Adani Transmission Ltd have sought shareholder approval. Adani Green Energy Ltd's board may meet in the first or second week of June for approving the fundraising, they said. The entire fundraising of USD 3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal. The fundraising will be through the issue of shares to qualified institutional buyers. The sources aware of the matter said investors in Europe and the Middle East have evinced strong interest. Some of the existing investors are likely to subscribe to the offer and some new investors may also join in, according to the sources. GQG Partners, which invested USD 1.87 billion in four Ada...

Story outline • Chairman Gautam Adani said the board felt that going ahead with the FPO would not be morally correct under the extraordinary circumstances • Despite retail investors staying away from the Rs 20,000 crore FPO, the issue had managed to sail through with strong support from non-institutional buyers • In the last five trading sessions, the market capitalisation of all 10 listed Adani companies are down by Rs 7.5 lakh crore or one-third "Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdrawing the completed transaction," the company said in a statement. Citing the unprecedented crash in stock prices, Adani Enterprises Chairman Gautam Adani said the board felt that going ahead with the FPO would not be morally correct under the extraordinary circumstances. "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. The FPO was under stress following a damaging report by American short-seller Hindenburg Research which made several allegations relating to stock manipulation and accounting fraud against the ports-to-energy conglomerate and even warned against 85% downside purely on a fundamental basis owing to sky-high valuations. "Our balance sheet is very healthy with strong cashflows and ...

Adani Enterprises (AEL) on Wednesday called off its Rs 20,000-crore follow-on public offering (FPO). AEL said it would return the FPO proceeds and withdraw the completed transaction, given the unprecedented situation and the current market volatility. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” the company said in a statement. The decision was taken by the board of directors of the company, at a meeting held on Wednesday, in the interest of shareholders. The issue had managed to scrape through on Tuesday with help from foreign portfolio investors (FPIs) and subscriptions from wealthy investors, including family offices. The subscription for the FPO closed successfully yesterday. Despite the volatility in the stock over the last week, your faith and belief in the company, its business and its management has been extremely reassuring and humbling.”However, he added, that given the extraordinary circumstances, the company’s board felt that going ahead with the issue would not be morally correct. “The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO,” Adani said. AEL said it was working with its book running lead managers to refund the proceeds received in the escrow account and release the amounts blocked in ba...

New Delhi, May 31 (PTI) Billionaire Gautam Adani's conglomerate is looking to raise about USD 3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller. While boards of Adani Enterprises Ltd - the group's flagship firm - and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore (over USD 2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to USD 1 billion in the next couple of weeks, sources aware of the matter said. Post-board approvals, Adani Enterprises Ltd and Adani Transmission Ltd have sought shareholder approval. Adani Green Energy Ltd's board may meet in the first or second week of June for approving the fundraising, they said. The entire fundraising of USD 3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal. The fundraising will be through the issue of shares to qualified institutional buyers. The sources aware of the matter said investors in Europe and the Middle East have evinced strong interest. Some of the existing investors are likely to subscribe to the offer and some new investors may also join in, according to the sources. GQG Partners, which invested USD 1.87 billion in four Ada...

Adani Enterprises (AEL) on Wednesday called off its Rs 20,000-crore follow-on public offering (FPO). AEL said it would return the FPO proceeds and withdraw the completed transaction, given the unprecedented situation and the current market volatility. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” the company said in a statement. The decision was taken by the board of directors of the company, at a meeting held on Wednesday, in the interest of shareholders. The issue had managed to scrape through on Tuesday with help from foreign portfolio investors (FPIs) and subscriptions from wealthy investors, including family offices. The subscription for the FPO closed successfully yesterday. Despite the volatility in the stock over the last week, your faith and belief in the company, its business and its management has been extremely reassuring and humbling.”However, he added, that given the extraordinary circumstances, the company’s board felt that going ahead with the issue would not be morally correct. “The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO,” Adani said. AEL said it was working with its book running lead managers to refund the proceeds received in the escrow account and release the amounts blocked in ba...

• Adani Enterprises’ ₹20,000 crore follow-on public offer (FPO) has received mixed reception from brokerages, who underline that the green hydrogen bet is ‘high risk’. • However, if the bet pays off, brokerages note that it could propel Adani Enterprises into a new league. • Overall, brokerages maintained cautious optimism while highlighting the risk and rewards of investing in the company. Adani Enterprises’ While Gautam Adani’s ambitious $50 billion green hydrogen ambitions require a lot more funding, brokerages have maintained cautious optimism when it comes to their outlook on the FPO. Adani is not the only Indian billionaire betting on the future with green energy. His rival, Mukesh Ambani also set the wheels in motion for a ‘green’ future of Reliance Industries. The green energy bets, primarily based on green and blue hydrogen, of these two richest Indians amount to $125 billion. This involves setting up an integrated green hydrogen ecosystem which consists of giga factories, solar modules and wind turbines to power the electrolysers in those giga factories. Why is Adani Enterprises raising ₹20,000 crore? 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. According to the red herring prospectus (RHP) filed by the company, ₹10,869 crore has been earmarked for its green hydrogen projects, apart from improving its existing airport facilitie...

Story outline • Chairman Gautam Adani said the board felt that going ahead with the FPO would not be morally correct under the extraordinary circumstances • Despite retail investors staying away from the Rs 20,000 crore FPO, the issue had managed to sail through with strong support from non-institutional buyers • In the last five trading sessions, the market capitalisation of all 10 listed Adani companies are down by Rs 7.5 lakh crore or one-third "Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdrawing the completed transaction," the company said in a statement. Citing the unprecedented crash in stock prices, Adani Enterprises Chairman Gautam Adani said the board felt that going ahead with the FPO would not be morally correct under the extraordinary circumstances. "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. The FPO was under stress following a damaging report by American short-seller Hindenburg Research which made several allegations relating to stock manipulation and accounting fraud against the ports-to-energy conglomerate and even warned against 85% downside purely on a fundamental basis owing to sky-high valuations. "Our balance sheet is very healthy with strong cashflows and ...

New Delhi, May 31 (PTI) Billionaire Gautam Adani's conglomerate is looking to raise about USD 3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller. While boards of Adani Enterprises Ltd - the group's flagship firm - and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore (over USD 2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to USD 1 billion in the next couple of weeks, sources aware of the matter said. Post-board approvals, Adani Enterprises Ltd and Adani Transmission Ltd have sought shareholder approval. Adani Green Energy Ltd's board may meet in the first or second week of June for approving the fundraising, they said. The entire fundraising of USD 3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal. The fundraising will be through the issue of shares to qualified institutional buyers. The sources aware of the matter said investors in Europe and the Middle East have evinced strong interest. Some of the existing investors are likely to subscribe to the offer and some new investors may also join in, according to the sources. GQG Partners, which invested USD 1.87 billion in four Ada...