The offer to sell 3.55 crore shares of Adani Power by promoter entity Adani Agro was oversubscribed today.
The offer for sale of 3.55 crore equity shares of the company received bids for 4.93 crore shares, data available on the BSE showed. The floor price for the sale is Rs 54.20 apiece, which is a premium of over 3 percent to today’s closing price of Rs 52.25.
Based on the minimum bidding price, the sale of 3.55 crore shares would fetch over Rs 193 crore to the seller. The company in a filing to the BSE last week said, “Adani Agro Private Limited (the seller), has submitted to BSE a consolidated notice of offer for sale of an aggregate of 3,55,77,597 equity shares of face value of Rs 10 each of Adani Power by promoter through a sale on the separate window provided by the BSE for this purpose.”
DSP Merril Lynch was the broker for the share sale. As of June 2012, Adani Agro Private Limited held 3.13 percent stake and Adani Enterprises 70.25 percent stake in the company.