CORPORATES AND foreign investors bailed out the Rs 20,000-crore follow-on public offering (FPO) of Adani Enterprises Ltd (AEL) Tuesday amid volatility in the stock market and the crash in Adani group shares following the release of the Hindenburg Research report that accused it of “brazen stock manipulation and accounting fraud”.
Despite the AEL share’s market price quoting below the issue price, the FPO was subscribed 1.12 times on the last day of the issue following a strong response from qualified institutional buyers (QIBs), including foreign institutional investors (FIIs) and non-institutional investors (NIIs) such as family offices of big industrialists that manage their personal wealth and ultra-high networth individuals.
