These are the five businesses that Adani Enterprises plans on listing
Adani Enterprises CFO also said that as a standalone entity, Adani Enterprises has very low debt of less than 1x net debt to EBITDA.
Jan 23, 2023 IST4 Min(s) ReadJan 21, 2023 IST18 Min(s) ReadJan 21, 2023 IST5 Min(s) ReadJan 21, 2023 IST4 Min(s) ReadIn an interaction with CNBC-TV18, CFO Jugeshinder Singh said that the businesses will reach a stage where they are able to support their own capital and investment planning based on their business needs."That (listing plans) remains on track and we expect all of these five businesses to be broadly ready. We'll make a decision closer to the date come 2025-2028," Singh said.The much touted and awaited Follow-on Public Offer (FPO) of Adani Enterprises, the flagship company of the Adani Group will open on January 27 with a price band of Rs 3,112 - Rs 3,276. Retail investors will get a discount worth Rs 64 and the issue will close on January 31.Singh mentioned that the company opted for the FPO route to expand its shareholder base and that the required equity is on the basis of funds for their existing and planned projects.
Singh also said that the FPO is received good interest from institutional investors.Adani Enterprises FPO DetailsFloor Price3,112/shareCap Price3,276/shareDiscount for Retail Investors`64/shareMinimum Bid Size4 sharesAnchor Investors BiddingJanuary 25FPO Opens for RetailJanuary 27FPO ClosesJanuary 31Any issue of equity shares floated after a company's Initial Public Offer (IPO) is known as a Follow-on Public Offer (FPO).URL Enterprises had signed an agreement in June with TotalEnergies wherein the latter will acquire a 25 percent stake in Adani New Industries Ltd. The new entity targeted production of one million metric tonnes of green hydrogen per year by 2030.Singh said that the transaction with Total is likely to be completed within the next 4-12 weeks and that the quantum and contours of the investment will depend on the final planned business case.The CFO also said that as a standalone entity, Adani Enterprises has very low debt of less than 1x net debt to EBITDA. However, on a consolidated basis, when all the businesses are included, the number goes up to 6x.Shares of Adani Enterprises are trading 0.7 percent lower at Rs 3,432.
The stock is down for the fourth straight day and has declined in five out of the last six trading sessions.