Adani Enterprises, the flagship company of ports-to-energy conglomerate Adani Group, said it would raise ₹20,000 crore in follow-on public offering of new shares, which is being touted as the country’s biggest FPO.
The Adani Group’s flagship company has filed papers with capital market regulator Securities and Exchange Board of India (Sebi) for the FPO.
An FPO is the issuance of shares to investors by a publicly listed entity. Its name comes from the fact that it follows an initial public offering (IPO).
Over the past five years, Adani’s fortune has skyrocketed. In the past year, the share prices of his many publicly traded firms have soared by more than fivefold. Four of the six companies have increased investor worth by more than ₹1 lakh-crore. In five years, shares of his flagship company, Adani Enterprises, have increased by almost 2,500 per cent.
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