Amid high volatility in Adani group stocks throughout Tuesday, the Adani Enterprises’ `20,000 crore FPO was fully subscribed on Tuesday despite muted response from retail investors and Adani group employees. The FPO was saved by non-retail investors who bid in big volumes.
Retail investors, for whom roughly half of the issue was reserved, bid for just 11 per cent of the 2.29 crore shares earmarked. Adani group employees sought 52 per cent of the 1.6 lakh shares reserved for them. As many as 4.62 crore shares were sought as against an offer of 4.55 crore.
Non-institutional investors put in bids for over three times the 96.16 lakh shares reserved for them, while the 1.28 crore shares reserved for qualified institutional buyers (QIBs) was almost fully subscribed, according to BSE data.
Adani group stocks witnessed heavy volatility on Tuesday. Three of the firm’s stock again ended in red but other showed comeback after three days of heavy selling.
Adani Green Energy settled for the day higher by 3.06 per cent, Adani Transmission 3.73 per cent), NDTV 1.35 per cent, Adani Ports 2.67 per cent, Adani Enterprises 3.35 per cent, Ambuja Cements 3.50 per cent and ACC by 3.39 per cent.
But Adani Total Gas closed the day down 10 per cent, Adani Power registered a fall of 4.99 per cent and Adani Wilmar declined by 5 per cent.
The Adani group stocks (including Ambuja, ACC and NDTV) have lost about Rs 5.5 lakh crore or about 29 per cent of their combined market cap in the last four trading sessions, new agency PTI said quoting Manish Chowdhury, head of research at Stoxbox.
Adani group stocks have taken a beating on the bourses after Hindenburg in a report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group.
Meanwhile, equity benchmarks ended with marginal gains as investors kept their powder dry ahead of the Union Budget presentation and the US Federal Reserve’s interest rate decision. Fag-end buying helped the 30-share BSE benchmark Sensex settle with a gain of 49.49 points or 0.08 per cent at 59,549.90. During the day, it hit a high of 59,787.63 and a low of 59,104.59.
