The Hindenburg report alleging fraud by the Adani Group hit the conglomerate at a crucial time when it was looking forward to raise Rs 20,000 crore from a follow-on public offer. So far family offices have expressed interest and Abu Dhabi’s Investment Holding Company (IHC) has bought shares worth $400 million through the FPO. With the offer set to close today, it has been subscribed 78 per cent so far on the third day.
Against an offer size of 45.5 million shares, Adani Enterprises has received bids for 18.3 million units. The anchor portion which is allotted to qualified investors before the offer opens to the public has been fully subscribed, and is separate from the FPO. At the same time retail investors only bid for 8 per cent of the shares earmarked for them, as the stock price crashed below the FPO price band.