Adani Enterprises promoter’s offer for sale to offload 70 lakh shares was fully subscribed on Wednesday.

According to BSE data, the offer got cumulative bid quantity of 78.61 lakh shares as against an offer of 70 lakh shares at an indicative price of Rs 250.79 a share against the floor price of Rs 248.

Adani Agro Pvt Ltd, one of the promoter group companies of Adani Enterprises with an 8.96 per cent stake, will raise about Rs 175 crore.

The basis of allocation shall be on the price priority method at multiple clearing prices and a minimum of 25 per cent of the equity shares in the sale shall be reserved for mutual funds.

Shares of Adani Enterprises were closed higher by 1.81 per cent at Rs 247.10 on the BSE today.

(This article was published on February 6, 2013)
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