Adani Enterprises share sale subscribed over 86% so far

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SummaryBids have been placed at an indicative price of Rs 251.21 per share.

Adani Enterprises' offer for sale to offload 70 lakh shares of one of its promoter group firms has received bids for over 86 per cent of shares till 1345 hours.

Moreover, the bids have been placed at an indicative price of Rs 251.21 per share against the floor price of Rs 248, data available on the BSE showed.

The auction, conducted through a separate window on the BSE, will remain open till 3:30 pm.

Adani Agro Pvt Ltd, one of the promoter group companies of Adani Enterprises with a 8.96 per cent stake, is selling its 70 lakh shares in the company. If the offer is fully

subscribed, Adani Agro will raise about Rs 173 crore at the base price of Rs 248 per share.

The shares, that are offered for bidding, amount to 0.64 per cent of company's total equity shares as on December 31, 2012.

Meanwhile, shares of Adani Enterprises were up 1.26 per cent at Rs 245.75 apiece on the BSE in the afternoon trade.

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