· Price band fixed at ₹ 3,112 to ₹ 3,276 per equity share of face value of ₹ 1 – Offer closes on Tuesday, January 31, 2023
In line with the recommendation of the Committee of Independent Directors of the Company in connection with their resolution on January 18, 2023 in the ‘Basis for the Offer Price’ against the WACA of price issues/secondary transactions disclosed in ‘Basis for the Offer Price’ on page 123 of the Red Herring Prospectus. Have a fair rate based on published quantitative factors/KPIs
NATIONAL, January 19, 2023: Adani Enterprises Limited (“AEL” or the “Company”) will launch its Further Public Offering (“FPO”) on Friday, January 27, 2023, pursuant to an equity share issue of an aggregate of ₹ 20,000 crore* on a partial payment basis. will happen
* On assumption of full subscription and allotment and receipt of all call money in respect of FPO equity shares.
The FPO involves a fresh issue (“Offer”) of paid-up equity shares (“FPO Equity Shares”) of the Company for a price per FPO Equity Share of # (including premium), each having a face value of ₹ 1. The Offer involves reservation of aggregate FPO Equity Shares up to ₹ 50 for subscription by eligible employees (“Employee Reservation Portion”) of a maximum of 5 percent of the paid-up equity capital after the Offer.
# For bidding in the retail portion of the offer, retail individual bidders per FPO equity share of Rs. 64 discount has been offered
The price band for the FPO offer has been fixed in the range of ₹ 3,112 to ₹ 3,276 per FPO equity share. Bids may be made for a minimum of 4 FPO equity shares and thereafter in multiples of 4 FPO equity shares. The date of Anchor Investor Bidding shall be one continuous day from the date of bid/offer opening. The FPO offer will close on Tuesday, January 31, 2023. The closing date and time of UPI mandate will be 5.00 PM on the date of closing of bid/offer.
The retail portion of the offer to retail investors will be at a discount of ₹ 64 per FPO equity share and such discount will be considered part of the Red Herring Prospectus (“RHP”) dated January 18, 2023 and should be read with the RHP.
Adani Enterprises intends to use ₹ 10,869 crore from the total proceeds of the FPO to meet the capital expenditure requirement of some of its subsidiaries in connection with certain green hydrogen ecosystem projects, for facility improvement works at certain existing airports and to fund the construction of greenfield expressways.
Adani Enterprises has also proposed to use ₹ 4,165 million to fully or partially repay certain debts of the company and its three subsidiaries – Adani Airport Holdings Limited, Adani Road Transport Limited and Mundra Solar Limited. The remaining amount will be used for normal corporate operations.
FPO equity shares offered through red herring prospectuses will be listed on stock exchanges.
The Book Running Lead Managers (“BRLMs”) of the Offer are: ICICI Securities Limited, Jefferies India Private Limited, SBI Capital Markets Limited, Access Capital Limited, BOB Capital Markets Limited, IDBI Capital Markets & Securities Limited, JM Financial Limited, IIFL Securities Limited, Monarch Network Capital Limited and Elara Capital (India) Pvt.
The offer is made in terms of Regulation 155 of SEBI ICDR. The Offer is made in accordance with Regulation 129(1) of the SEBI ICDR Regulations and through a book building process, allotting a maximum of 50 per cent of the net Offer Share to Qualified Institutional Buyers (“QIBs”, and such share, the “QIB Portion”) on a proportionate basis. will come
As per SEBI ICDR Regulations, the Company may discretionarily allocate up to 60 per cent of the QIB Portion to Anchor Investors (“Anchor Investor Portion”) in discussion with the Book Running Lead Managers, of which at least one-third shall be reserved for allocation to domestic mutual funds.
which is subject to valid bids received from local mutual funds at a price equal to or higher than that of anchor investors. In case of under-subscription, or non-allocation in the anchor investor portion, the remaining FPO equity shares may be included in the QIB portion reducing the number of equity shares allotted to the anchor investors (“Net QIB Portion”).
Further, 5 per cent of the net QIB portion will be made available for allocation to mutual funds on a proportionate basis and the remaining portion of the QIB portion will be made available for allocation on a proportionate basis to all QIB bidders, including mutual funds, other than anchor investors.
which is subject to receipt of valid bids at or above the offer price. Also in accordance with Regulation 129(1) of the SEBI ICDR Regulations, at least 15 per cent of the net offer shall be made available for allotment to non-institutional bidders, out of which (a) one-third of such share shall be bids above ₹ 2,00,000 and up to ₹ 10,00,000; will be reserved for successful bidders
and (b) two-thirds of such shares shall be reserved for bidders bidding in excess of ₹ 10,00,000, provided that any unsubscribed shares from such sub-categories are allotted to bidders in other sub-categories of non-institutional bidders. , which is subject to receipt of valid bids at or above the offer price as per SEBI ICDR regulations.
Also consistent with SEBI ICDR Regulations, a minimum of 35 percent of the net offer will be made available for allotment to Retail Individual Bidders (“RIBs”), subject to receipt of valid bids at or above the Offer Price.
All prospective bidders other than anchor investors should make mandatory use of the Application Supported By Blocked Amount (“ASBA”) process by providing their bank account details (including UPI ID in case of UPI bidders), including bids by sponsor bank(s) or SCSB under the UPI regime. The amount will be blocked, which will be required to participate in the offer. Anchor investors are not allowed to participate in the anchor investor portion through the ASBA process.
See “Offer Procedure” beginning on page 698 of RHP for details. FPO equity shares offered through RHP will be listed on BSE and NSE. All capitalized terms mentioned but not defined herein shall have the meaning set forth in the RHP.