Adani Enterprises sets price band of Rs 3,112-3,276 per share for FPO

Adani Enterprises (AEL) has set a price band of Rs 3,112-Rs 3,276 per share for its Rs 20,000-crore follow-on public offering (FPO). Shares of the company last closed at Rs 3,595 on the BSE. 

The floor price is set at a 13.4 per cent discount to the last close, while the top-end is close to 9 per cent below. AEL is offering an additional discount of Rs 64 for retail investors. 

The company in a stock exchange announcement has said its FPO Committee will meet on January 25 to finalise anchor investor allotment and again on February 1 to finalise the offer price. The FPO is expected to open on January 27 and close on January 31. Through the FPO, AEL will issue partly paid-up shares.