Adani Enterprises filed papers for a follow-on public offering (FPO) issue with the Securities and Exchange Board of India (SEBI) regulator on Monday. The company aims to raise Rs 20,000 crore through the FPO.
The FPO is likely to be for party paid-up shares with payment in tranches.
The FPO will be the country's largest FPO, currently, Yes Bank holds the record for the largest-ever FPO. The top 9 FPOs are either by lenders or by public sector enterprises (PSU). The 10 largest is Baba Ramdev's Patanjali Ayurveda firm, Ruchi Soya, which launched a Rs 4,300 crore FPO.
This avenue of raising funds is not popular among listed companies. Companies prefer options like qualified institutional compliances that are more flexible and are relatively more fast-track.
