Adani Enterprises increases share sale goal to ₹15,000cr after investor demand
Adani Enterprises just bumped up its share sale goal from ₹10,000 crore (about $1.07 billion) to ₹15,000 crore ($1.6 billion) after seeing huge demand from investors.
The offer launched on July 2 with shares priced at a 9% discount, and it was snapped up fast, oversubscribed by 1.5 times and wrapped up in just 48 hours, including investor roadshows, thanks to a pre-filled order book.
Funds for PVC plant, debt cuts
The raised funds will be used for projects like building a polyvinyl chloride plant and paying fees for a road project. Some of it might also help cut debts in Adani's solar, airport, and copper businesses.
Most of the investment came from Indian institutions (65%), while global investors pitched in the rest.
Goldman Sachs BlackRock Vanguard among buyers
Major players like Goldman Sachs, BlackRock, Vanguard, Capital Group (and Indian mutual funds including SBI, ICICI Prudential, and HDFC Asset Management) were among the buyers.
Jefferies and several big Indian firms handled the sale process.