Adani Enterprises Ltd’s (AEL), Rs 25,000 crore rights problem was oversubscribed at 108 per cent in what was the largest fund elevating exercise by the Gautam Adani-led conglomerate because the now-defunct short-seller, Hindenburg Analysis, made allegations of insider buying and selling and market manipulation towards the group in January 2023.
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The rights problem was priced at Rs 1,800 a share, with eligible shareholders entitled to a few rights shares for each 25 held, the corporate stated. The problem acquired bids for 14.95 crore shares towards 13.85 crore shares on supply. That is the most important providing of its type until date within the nation,
The ports-to-energy group stated proceeds from the rights problem can be used for debt discount and capital expenditure, together with reimbursement of shareholder loans. The group’s promoters subscribed utterly to their entitlement, whereas the general public portion was oversubscribed by 30 per cent, drawing 4.7 crore share bids towards the three.6 crore shares on supply.
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Giant establishments reminiscent of GQG Mutual Fund, SBI Mutual Fund, Aditya Birla Mutual Fund and Kotak Mutual Fund subscribed to the difficulty. The problem additionally noticed subscriptions from excessive net-worth people (HNIs) and retail traders. The problem opened on November 25 and closed on December 10.
Adani Enterprises’s shares fell 1.66 per cent to shut at Rs 2,210.25 apiece on the BSE on Wednesday.
In February 2023, Adani Enterprises had referred to as off its absolutely subscribed Rs 20,000 crore comply with on public supply (FPO) and introduced to return the cash to the traders. The FPO was referred to as off after the US-based Hindenburg Analysis on January 23 launched a report alleging the group of brazen inventory manipulation and accounting fraud, which the conglomerate denied.
The Securities and Alternate Board of India (Sebi), in September this yr, gave a clear chit to Gautam Adani, Rajesh Adani and key Adani Group corporations — Adani Ports & SEZ, Adani Energy, and Adicorp Enterprises — on all prices levelled by US short-seller Hindenburg Analysis.
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