Adani Enterprises’ Rs 20,000-crore FPO sails through Hindenburg storm

its flagship company, Adani Enterprises (AEL), despite the storm created by US short seller and investment research firm Hindenburg Research through a barrage of allegations against the conglomerate.

Even though AEL’s share price continued to languish below its issue price, the FPO managed to garner 1.12 times subscription, attracting bids worth over Rs 16,000 crore. Over 60 per cent of these bids came from high networth individuals (HNIs). The quota reserved for HNIs was subscribed 3.3 times.

According to market sources, several ultra-rich individuals of the country invested in the FPO through their family offices.