Adani Enterprises FPO: Short-term trend on the stock remains negative

A sustained move over the 50-DMA of Rs 3,881 could see the counter heading towards recording a new historic peak

Adani Enterprise, the flagship company of the Adani group and owned by the India’s richest man Gautam Adani, is set to issue a follow-on public offer (FPO) on January 27, with a price band of Rs 3,112 to Rs 3,276.

With retail investors getting a discount of Rs 64 per share, the overall FPO is expected to raise Rs 20,000 crore. The retail quota is 35 per cent, Qualified Institutional Buyer (QIB) is 50 per cent, and Higher Net-Worth Individuals (HNI) is 15 per cent.

Adani Enterprise shares traded at Rs 3,450 on NSE at 10.40 AM contemplating