Adani Enterprises OFS subscribed 1.12 times

Adani Agro, the promoter entity of Adani Enterprises, successfully offloaded 85 lakh shares, or 0.77% stake, in its subsidiary via an offer for sale (OFS) on Monday to comply with regulatory requirements related to minimum public shareholding norms.

According to the BSE, the auction was subscribed 1.12 times with bids received for 95 lakh shares at an indicative price of R222.66 apiece. The floor price for the stake sale was fixed at R221 per share, pegging the minimum value of the sale at R187 crore.

After the stake sale, the total promoter holding of Adani Enterprises would fall to 76.46% from the current 77.23%.

This was third auction by Adani Enterprises. The promoters had diluted 2.09% stake (2.3 crore shares) in December 2012 and 0.64% stake (70 lakh shares) in February 2013 through the OFS route. Adani Agro, one of the promoter entities, is estimated to have raised around R920-925 crore from the stake sales.

Meanwhile, this was the sixth OFS after the Securities and Exchange Board of India (SEBI) amended the OFS guidelines, which allowed investors to check the quantum of bids and the price at which the bids were placed. Monday's auction received bids for 95 lakh shares at nil margin and only 55 shares at 100% margin.

As per Sebi guidelines, promoter holding in listed private sector companies should be brought down to 75% by June 2013 and in listed PSUs to 90% by August 2013.

BSE was the sole designated stock exchange for the

... contd.