The offer for sale by Adani Agro, promoters of Adani Enterprises, was subscribed 68.24 per cent till noon on Monday. The promoter received bids for 58 lakh shares as against an offer of 85 lakh shares for auction. Though it fixed a floor price of Rs 220 a share, the indicative price at which maximum shares were bid was Rs 222.28. The stock is currently ruling at Rs 208.85.
The promoters of Adani Enterprises held a 77.87 per cent stake in the company as of December 31, 2012, and they have to reduce it to 75 per cent before June in line with regulatory norms.
In December last year, Adani Agro diluted 2.3 crore shares at an indicative price of about Rs 284.
Wheat futures testing lower support level