Adani Enterprises OFS fully subscribed; stock up

MUMBAI: The offer for sale ( OFS) of Adani Enterprises for 2.09 per cent promoters’ stake has been fully subscribed, say reports.

The OFS, at floor price of Rs 282 per share, received bids for 2.4 crore shares against 2.3 crore shares of the face value Re 1 each. The OFS is valued at Rs 648.6 crore at the floor price.

Seven promoter entities -- Adani Agro Private Limited, Adani Commodities, Vinod S. Adani, Rajesh S. Adani, Pranav V. Adani, Priti G. Adani and Shilin R. Adani -- diluted their stake in the company to comply with market regulator SEBI’s minimum shareholding norms.

The indicative bid price is likely to be disclosed soon.

At 02:20 pm, the shares of Adani Enterprises were at Rs 273.75, up 1.01 per cent, on the NSE. They touched a high of Rs 284.40 and a low of Rs 272.20 in trade today.